"We don't like to count our chickens before they're hatched," says COO Mike Mullen. "But my 25 years in the real estate business tell me that we have interest in 4 million-sf that is a lot more than just kicking the tires." Mullen also says that the trust is in negotiations with power plant developers to locate a large generating station at the former Joliet Arsenal, which has been renamed CenterPoint Intermodal Center.

While Mullen would not name the parties with whom he is negotiating, he did say that one of the potential tenants is interested in consolidating its several area locations into a two million-sf campus-style development. CenterPoint has already signed DSC Logistics, a big distributor, to a 1.1 million-sf development that will likely cost over $40 million to build. DSC will be breaking ground in the spring on the high-grade perishables distribution facility.

The industrial park will comprise over 17 million-sf when complete in 12 years. The four million-sf in negotiation is in addition to the 1.1 million-sf already signed with DSC Logistics, according to Mullen.