CenterPoint Sells Big, Shedding 13 Assets

CHICAGO—CenterPoint Properties Trust has shed 13 properties totaling 1.6 million sf in five land parcels totaling 107 acres in the first half of 2000. Combined consideration of these sales was $69.9 million.

One of the major properties in the disposition was a 735,000-sf distribution building in West Chicago, IL. It was sold to the tenant, LaGrou Distribution Systems. Nine of the 16 dispositions were sold to existing building occupants.

In addition, CenterPoint completed 14 new investments and started construction on an expansion for an existing client. The investments, with a combined value of $90.7 million, totaled 2.7 million sf. CenterPoint also acquired a 155-acre land parcel at 126th Street and Torrence Avenue on Chicago’s far south side.

One of CenterPoint’s major recent investments was a 1.1-million sf high-cube distribution facility adjacent to Union Pacific’s Global II intermodel rail yard in Melrose Park, IL. CenterPoint is now in control of the majority of space adjacent to the intermodal terminal.