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WEST CHICAGO, IL-Having cornered the market on new industrial development on the north and south ends of O’Hare International Airport, CenterPoint Properties Trust has moved on to an even more ambitious project further west. Chosen as the master developer of the 800-acre DuPage Technology Park, CenterPoint Properties Trust will likely build five million sf of industrial and commercial space over the next 10 years.

In addition to being in the shadow of the DuPage Airport, the third busiest in Illinois, the land along the county line between Roosevelt Road and Fabyan Parkway also is next to the Fermi lab. The REIT has been working for more than a year on a build-to-suit deal involving a 15-year lease with a federal agency, as well as a build-to-suit that will be sold to a technology company, says president and chief operating officer Michael Mullen. “I think we’re seeing pretty good demand already,” he adds.

While Mullen declines to identify the first tenants, the DuPage Airport Authority already has disclosed NASA and the US Department of Defense will take space in the technology park. The development plan calls for 181 acres earmarked for research and development users, 128 acres for light industrial users and 104 acres for commercial use, which could include hotels and restaurants. Acceptable uses in the tech park could include financial services, data recovery and logistics, Mullen adds.

CenterPoint Properties Trust is committed to a series of ground leases with the airport authority, beginning with a 25-year deal on 175 acres for $2.4 million a year. The lease can be increased by 25 acres a year, but will not exceed 413 acres, the maximum that can be developed, REIT officials say.

The state has invested $23.8 million in infrastructure improvements, according to the airport authority, with another $10.2 million on the way. Water and sewer lines already are in place at the site 30 miles west of Downtown Chicago.

“This is the last remaining parcel of any significant size in DuPage County,” says CenterPoint Properties Trust senior vice president of investments James N. Clewlow. “CenterPoint was chosen to the master developer based on its large-scale development expertise.”

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