Occupancy in Prime Group Realty Trust's industrial portfolio was 80.2%, according to its most recent earnings report, generating a net operating income of $2.3 million. However, the land parcels are in fast-developing areas on the western edge of the market, with 63 acres in Aurora, 19 acres in Batavia and 36 acres in DeKalb. Closing of the sale is expected in September or October.

"We have tracked these buildings for many years and know they fit particularly well with our portfolio, business model and franchise," says CenterPoint Properties Trust co-chairman and chief executive officer John S. Gates, Jr. "We look forward to working with our new customers to add value to their businesses and complement their growth." Among those new customers will be Wrigley Co. division Amurol Confections, Household Credit Services and Morton International.

CenterPoint Properties Trust, already the largest industrial property owner in the market, may assume some debt connected with the assets it is picking up, but consent is required from lenders. Included in the debt is $24.9 million of Indiana industrial bonds due in 2007 on the 995,000-sf portion of the Enterprise Center in East Chicago, IN and Hammond, IN. The deal would leave Prime Group Realty Trust with about $54 million in net proceeds.