Abbott Labs to sell 458 acres to Pleasant Prairie for $37 million
Abbott Laboratories is selling about 458 acres of land to the village of Pleasant Prairie, Wisconsin, for about $37.5 million.
The village, just north of the Illinois border, said it plans to develop the "highly desirable land" as a new corporate park called Prairie Highlands with a focus on manufacturing, office and commercial uses.
Abbott Labs had planned to develop a research and office campus on the site, but never moved forward with those plans. The property remains undeveloped.
The land, owned by a subsidiary of Libertyville Township-based Abbott, is at the northwest corner of County Highway Q and I-94.
"In 2005 and 2006, Abbott purchased land in Pleasant Prairie in anticipation of potential future growth," Abbott spokesman Scott Stoffel said. "In recent years, a great deal has changed at our company, most notably with the separation of AbbVie and our purchase of St. Jude Medical."
Abbott spent about $19 billion to buy St. Jude Medical Inc. in a cash-stock deal aimed to strengthen the medical device maker's stake in cardiovascular care. Abbott's spin off of pharmaceutical company AbbVie Inc. was in 2013.
"The village of Pleasant Prairie recently approached us about purchasing the property. Since we have no near-term plans to develop the property, we intend to sell it, allowing the village to develop the shovel-ready site as a corporate business park," Stoffel said.
The village and company have been working closely on the deal.
"Since 2007, the village has maintained a good relationship with Abbott that has yielded a high-quality site that is ready for development. Abbott has remained cognizant of the village's need to maintain economic development efforts for the good of the community and region as a whole," Village Administrator Michael Pollocoff said in a news release. "Village leadership has a strong desire to ensure that the last remaining developable land along I-94 in our community be reserved for its highest and best use."
Over the past decade, Abbott, the village and its partners have worked to prepare Abbott's 458-acre site and the surrounding corridor for future use and development. This effort included work to improve roadways, expand interchanges and facilitate development of surrounding areas to attract business investment.
Since these improvements to the corridor, Uline relocated its corporate headquarters from Waukegan to the area, Premium Outlets shopping center has expanded and there has been additional office and industrial growth north along I-94, according to the village of Pleasant Prairie.
The Pleasant Prairie Plan Commission met Monday to discuss the project.
The village board will then consider the proposed plans at a public meeting on Monday, April 17.