The 436,224-sf produce market, which will provide a new home for some of the tenants now at the obsolete South Water Market, is expected to open in September, CenterPoint president Michael Mullen says.

However, the largest industrial property owner in the Chicago market is making progress on five other projects:

* CenterPoint is signing leases for space at the 155-acre Ford Supplier Park on the city's Southeast Side, an $88-million, 1.7-million-sf project that is expected to open 100% pre-leased this spring.

* Letters of intent on a 300,000-sf build-to-suit project at the former 1,298-acre Joliet Arsenal in Elwood, IL have been signed, Mullen says. CenterPoint Intermodal Center will ultimately contain 16 million sf of industrial space. Meanwhile, talks are underway on securitizing a ground lease with Burlington Northern, says chief financial officer Paul Fisher.

* "We're seeing an tremendous amount of activity" at CenterPoint's 150-acre business park in southwest suburban McCook, Mullen says. Progress is being made on sales of two 100,000-sf build-to-suits and a lease on a 175,000-sf build-to-suit.

* At the California Business Park on the city's Southwest Side, CenterPoint is close to a sale on a 185,000-sf build-to-suit, which is expected to close in the fourth quarter. The business park will eventually add 600,000 sf to the market.

* CenterPoint expects to sell $48 million in tax-exempt bonds within the next 30 days to finance development of the 49-acre O'Hare Express North, Mullen reports. The REIT is negotiating with a government agency for a 125,000-sf build-to-suit there, which should be delivered in the third quarter. The project calls for 800,000 sf of new industrial space in the high-demand shadows of the world's busiest airport.

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