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Transactions - MARCH 11, 2020

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Alter launches Cornerstone, a $750m, 641-acre mixed-use development

by Released

Alter has launched Cornerstone, a $750 million, 641-acre mixed-use development at Peterson Road and Route 83 in Grayslake, Ill., a suburb northwest of Chicago.

The park’s inaugural facility will be a LEED-certified 1.4 million-square-foot facility for the medical supply company Medline Industries. At completion, it will be the fifth-largest warehouse in the world.

“This innovative development in central Lake County will be one of the largest master-planned projects in the United States,” said Michael Alter, president of Alter. “The area has become a hub for biotech, pharmaceutical and packaged goods industries. The development will leverage the growth of Northern Cook and Lake counties to be a powerful revenue generator for local and county governments and schools throughout the life of the development. Cornerstone will enhance the quality of life, protect the environment and mitigate road congestion in central Lake County.”

The mixed-use development

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