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Kemper to Sell 500 Acres of Land for Development

LONG GROVE, IL-Kemper Insurance has sold a large parcel of excess vacant land in north suburban Chicago to a partnership that wants to prepare it for sale to residential developers.

By Dees Stribling | Updated on October 29, 2002

LONG GROVE, IL-The Kemper Insurance Cos. has announced its intention to sell 500 acres of vacant land adjacent to its Long Grove, IL, headquarters to the Residential Land Fund I LP, an investment fund financed primarily by pension funds. The land is reportedly going for $28 million.

“The Fund’s purpose is to purchase land, improve it through entitlement and any needed infrastructure work and then sell the land to developers of residential housing,” said Dennis Cortesi, a spokesman for Fund. The Fund was formed by Oak Brook, IL-based residential developer Terrestris Development Co. and Chadwick Saylor & Co., a southern California-based pension fund advisor.

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