Motorola Mobility’s 1.2-million-square-foot former headquarters in Libertyville has been sold for $9.5 million.

Rockville, Maryland-based Beco Management plans to turn the five-building, 84-acre complex into Innovation Park, Chicago-Libertyville. The development is expected to be ready for occupancy in late summer or early fall 2015.

Beco tackled a similar project four years ago when it bought a 12-building, 1.8-million-square-foot former IBM campus in Charlotte, North Carolina. Today, Beco says Innovation Park-Charlotte is 95 percent leased and is anchored by Aon Hewitt, Allstate, BB&T, Areva’s U.S. headquarters, AXA’s operations center, Enterprise Holdings’ Southeastern headquarters, Wells Fargo and Siemens.

“The Innovation Park concept has resonated with the market, particularly larger enterprises seeking more than four corners of plain office space,” Chris Epstein, newly named head of Beco Midwest, said in a news release. “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.”

Motorola Mobility, which makes smartphones like the Droid and Moto X, moved from Libertyville to the Merchandise Mart in the spring.

The company is being sold to China-based Lenovo for $2.9 billion — a huge discount from the $12 billion Google bought it for in 2012. The sale is expected to be completed by year’s end.