The sales will help keep CenterPoint Properties, already the most active builder of industrial properties, busy with its build-to-suit and redevelopment activities, company officials explain. "We have experienced a significant increase in customer activity," says chief operating officer Michael M. Mullen. "This sale increases our ability to fund these expanding opportunities."
It also could result in a special dividend and a share repurchase, says chief financial officer Paul Fisher.
CenterPoint Properties Trust is redeveloping the 1,300-acre Joliet Arsenal site near Elwood, IL into an intermodal center, built the recently-opened Ford Supplier Park on Chicago's Southeast Side, continues to build around O'Hare International Airport and is embarking on redeveloping a former Reynolds aluminum plant in southwest suburban McCook.
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