The property was acquired two years ago from the Burlington Northern Santa Fe railroad, as a small part of a much larger deal involving the redevelopment of the Joliet Arsenal in Elwood, IL, into the CenterPoint Intermodal Center.
"At the time we put this parcel under contract, retailers were all over this site," says president and COO Michael M. Mullen during a recent earnings conference call.
CenterPoint officials decided to sell off pieces of the property themselves, with car dealers likely prospects given the abundance of that retail class in the immediate area. About 2.1 million sf of buildings could be added to the property, CenterPoint claims. However, the retail market, as well as CenterPoint's prospects, dried up by the time the deal closed.
While declining to disclose a value of the retail property, the company wrote down its investment by $1.23 million in the fourth quarter.
Nearby, NAI Hiffman is marketing a 22-acre site at Illinois 59 and Brookdale for between $600,000 and $875,000 per acre.
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