Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAK BROOK, IL-The market’s largest owner of industrial property is keeping its pipeline of development and redevelopment projects full, with a three-million-sf manufacturing campus expected to become one of CenterPoint Properties Trust’s next ventures. The REIT has a property in the Chicago market under contract, president and COO Michael M. Mullen says in a recent earnings conference call, and expects to close on a deal in November.

Meanwhile, Mullen declines to confirm a published report that the REIT is eyeing an abandoned Kansas City, MO, area airport for redevelopment as an industrial park. “It’s a very interesting opportunity,” he offers.

However, co-chairman and CEO John S. Gates Jr. concedes the company’s development team is certainly experienced enough to branch out beyond the Chicago market, where it has a 31.7-million-sf portfolio.

Closer to home, Mullen says the Chicago area opportunity will be similar to its nascent redevelopment in southwest suburban McCook, where demolition of a former Reynolds Aluminum plant is among the first steps toward an eventual 33-acre, 550,000-sf project. “The project is like McCook, with a redevelopment component that will take two to five years to complete, with the abundant amount of land that comes into it and is priced into the deal,” Mullen says.

Making that deal more attractive is a “Fortune 500 credit” tenant, according to Mullen, that is lined up to lease the entire facility at closing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.