Mullen explains in a recent earnings conference call that the investors acquiring the property have agreed to do so over the next "four to six" quarters to accommodate a Section 1031 exchange. "It will probably be a sizable component of our dispositions next year," adds chief executive officer John S. Gates, Jr.
Based on the sale of a 50-acre container facility, Mullen says land value at CenterPoint Intermodal Center has more than doubled in less than two years, from $2.50 per sf to $6 per sf.
CenterPoint Properties Trust is negotiating with a pension fund adviser on the sale of the Wisconsin industrial package but expects the deal to happen this quarter. In addition, the REIT has a letter of intent to acquire another $140 million in properties there, with some of them expected to be sold in the first quarter.
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