Libertyville Motorola Campus Sells for $9.5 Million

The Motorola Mobility campus sold this past week for $9.5 million to a Washington, D.C.-based commercial real estate firm.

The market value for the Motorola campus was $37.1 million, the Daily Herald reports. BECO Management, Inc., plans to invest $50 million into the campus to to create a “multiuse technology park,” which will be similar to a project the firm oversaw in Charlotte, N.C., according to the Daily Herald.

The Motorola Mobility campus consists of a five-building, 1.2 million square foot complex located at 600 N. U.S. Highway 45 in Libertyville, according to a BECO Management press release. About 2,000 employees worked at the Libertyville site until the majority relocated to a site in Chicago earlier this year.

The campus is located on 84 acres of land and also includes commercial office, distribution and logistics and office/laboratory space; a full-service cafeteria; gymnasium; and a daycare center.

The technology industrial park will be renamed Innovation Park, Chicago-Libertyville. The project will be managed by a newly-created Chicago-based division, BECO Midwest.

“The Innovation Park concept has resonated with the market, particularly larger enterprises seeking more than four corners of plain office space,” stated Chris Epstein of BECO Midwest. “Our company has spent the past four years refining and perfecting the concept. We believe the former Motorola Mobility site and the Village of Libertyville are the perfect launch pad to expand this offering to the greater Chicago area.”

Innovation Park, Chicago-Libertyville should be ready for occupancy in late summer or early fall 2015.