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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.

The six parcels of land for sale are located eight miles west of the Tri-State Tollway (I-294) along Illinois 22 (Half Day Road), between Old McHenry and Quentin roads. Much of the land resides in unincorporated Lake County, which is in the northern part of the metro Chicago area. While most of the parcels have not been fully zoned, the largest parcels are part of Lake County’s Comprehensive Plan and are designated for residential development.

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