Dive Brief:
- Medline Industries, a medical supplier, has bought the former Kraft Heinz headquarters in Northfield, Illinois, for $44.7 million and Kraft paid $47.2 million to buy out the seven years left on its lease with W.P. Carey, Crain's Chicago Business reports.
- A Medline spokesperson says company has outgrown its current headquarters in Mundelein, IL.
- Medline will move more than half of its 1,800 employees to the new location later this year.
Dive Insight:
Medline will use its three-building, 252,286 square-foot campus to house several departments, warehouse space and a production facility, spokeswoman Stacy Rubenstein told Crain's Chicago Business.
Also, the supplier plans to sell a former office campus in Lincolnshire it bought for $17.2 million in January 2015, before the Kraft space became available.
Medline is the seventh-largest privately held company in the Chicago area with 2,638 full-time employees and $7.3 billion in revenue in 2014, according to Crain's Chicago Business.
In 2014, former Governor Pat Quinn announced the supplier had plans to add at least 200 jobs in Lake County, and invest $60 million in expanding operations in exchange for $17.5 million in tax credits.