A second closing will give CenterPoint Properties Trust five more suburban industrial buildings totaling 310,000 sf as well as a 50,400-sf office building in Schaumburg. Lenders must agree to the sale, which still is expected to close by next month.

As a result of the most recent closing, CenterPoint Properties Trust assumes $48.1 million in tax-exempt debt on the properties, located here as well as Arlington Heights, Aurora, Addison, Carol Stream, Elmhurst, Franklin Park, Hillside, St. Charles, Wheeling and East Chicago and Hammond, IN. The debt carries a 1.5% interest rate, according to the industrial REIT. The land parcels include 73 acres in Aurora, 36 acres in DeKalb and 19 acres in Batavia.

The largest portion of the industrial portfolio is a four-building, one-million-sf Chicago Enterprise Center at 13535 Torrence Avenue on the city's Southeast Side. In addition to those heavy-crane buildings, CenterPoint Properties Trust also picks up 548,000 sf in three buildings in East Chicago as well as well 532,000 in three buildings in Hammond.

Average lease term at the properties is 5.6 years, according to CenterPoint Properties Trust. The largest tenants include Wrigley Co. division Amurol Confections, Household Credit Services and Morton International.

Prime Group Realty Trust, repositioning itself as a city and suburban office REIT by selling off all but two industrial assets, will use $22.8 million from its proceeds to pay off mezzanine loans on office properties carrying an 8.8% interest rate. In addition, $11.9 million went to lenders carrying mortgages on the industrial properties now in CenterPoint Properties Trust's portfolio.