X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAK BROOK, IL-CenterPoint Properties Trust has agreed to buy eight buildings totaling three million sf from HSA Commercial Real Estate for $96 million. The deal is expected to close next month.

The tenant roster at the properties, scattered throughout the Chicago market, include Mary Kay Cosmetics, Truserve, Tyco and Menlo Logistics. Average lease term at the properties is about six years, according to CenterPoint Properties Trust, which already is the largest industrial property owner in the market with a portfolio of 37 million sf.

“Three of the buildings purchased are brand new and the bulk of the portfolio is institutional-quality,” says CenterPoint Properties Trust chief investment officer Paul Ahern.

The deal with HSA Commercial Real Estate is the largest of four new pieces of business CenterPoint Properties Trust is doing. It also is teaming with UBS Real Estate, which is contributing $60 million, to develop the 362-acre CenterPoint Intermodal Center–Rochelle. Closer to home, it eventually could build five million sf just south of DuPage Airport.

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?

Dig Deeper

GlobeSt

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.