Those deals follow the Will County board's unanimous approval ofenterprise zone designation for the REIT's 1,248-acre CenterPointIntermodal Center in Elwood, IL, the site of the former JolietArsenal. Besides sparing the largest industrial owner in the marketfrom paying sales tax on construction materials, tenants in themassive industrial park will not have to pay the 6% state levy ontelecommunications and utilities, he says.

However, CenterPoint's next ventures are likely to includebuilding more than 300,000 sf of manufacturing space on the city'sNorthwest Side, where the city and state is turning over excessproperty. CenterPoint will be the designated developer for theproject, Mullen says.

Meanwhile, 230 acres at the Tri-State Tollway interchange atRoute 173 near the state line is being annexed to the village ofWadsworth for development of an industrial park that will bevisible from I-94 for a stretch of more than a mile, Mullen says.It is in a Lake County submarket where "the investor demand isunbelievable," notes chief investment officer Paul Ahern, but wherecommunities don't usually welcome industrial developers with openarms.