Itasca-based real estate developer Hamilton Partners has agreed to buy Kraft Foods Inc.’s 57-acre property in Glenview and Morton Grove for an undisclosed amount.
The office campus includes more than 500,000 square feet of space in two buildings at the northwest corner of Golf and Waukegan roads.
Paul Sheridan, partner at Hamilton Partners, said the developer originally had plans to tear down the two buildings and redevelop the land for mixed use but reconsidered after hearing a demand for office space.
“We have a surprising amount of interest from office users,” he said. “It’s going to be one of the biggest blocks of vacant office space in the Chicago suburbs.
“Since Kraft is going to be staying for a while, we do have a period in which we can market the property and see if potential office uses makes sense.”
Sheridan said there also is going to be demand for the space from some big-box retailers and grocery stores.
Hamilton Partners developed the Willow Festival shopping center anchored by a Whole Foods on 47 acres just north of the Kraft campus on Waukegan Road.
“The North Shore is always intriguing to us from a development standpoint,” Sheridan said. “The opportunity to purchase 57 acres was one that we had to look hard at.”
The developer also is receiving calls about other uses for the property, such as senior living and medical space, Sheridan said.
“After we pursue the opportunities in retail and office, we’ll see if some of those uses make sense for this deal,” he said.
The developer expects to close on the Kraft acquisition at the end of 2013, which will give Kraft time to move employees to its Northfield headquarters next year as a result of Kraft’s decision to split its grocery and snack businesses.