CenterPoint reports it has pre-leased 16% of the 800,000-sf facility, which is expected to be completed in 2005. The project will give the Oak Brook, IL-based REIT, the largest industrial property owner in the Chicago market, 1.8 million sf on the O'Hare International Airport grounds, with another 2.5 million sf "just-off-airport."
The 35-year bond issue more than doubles CenterPoint's tax-exempt debt, which now stands at $91.1 million, or 14% of its total debt. The result is the REIT's weighted average interest rate has dropped about 30 basis points to 5.6%.
A.G. Edwards & Sons, LaSalle Bank N.A., Commerzbank A.G. and Dresdner Bank AG were involved in the transaction.
CenterPoint developed the 50-acre O'Hare Express Center on the south side of the airport with a $44-million special facility revenue bond issue, paying an interest rate of 3.15%.
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