The development of the Lincolnwood Town Center at the southwestcorner of McCormick Boulevard and Touhy Avenue, just north ofCenterPoint's 13-acre property, hastened its demise as anindustrial asset, company officials say. The REIT bought theproperty shortly before the retail center was developed.

Multifamily developers, including a senior housing builder, havesuggested the land is worth $14 million to $37 million, CenterPointProperties Trust officials report during their recent earningsconference call. That dwarfs the value of the property as anindustrial use, company officials note, before considering the $7.2million the REIT collected as Bell & Howell moved out.

When the market suggests a change of use is inevitable,CenterPoint Properties Trust will sell, says chairman and chiefexecutive officer John S. Gates. "We have no intention of gettinginvolved in these disciplines ourselves," he says. "We are notgoing to be developers of other product types."