OAK BROOK, IL-CenterPoint Properties Trust is teaming with UBS Real Estate and the development subsidiary of Wisconsin Energy Corp. to build in Illinois and Wisconsin. UBS Real Estate will help build CenterPoint Intermodal Center–Rochelle, a 362-acre industrial park a mile from a 1,230-acre intermodal facility in Rochelle; while WisPark LLC is helping complete the 512-acre LakeView Corporate Park in Pleasant Prairie, WI, as well as consolidate the REIT’s I-94 Corridor holdings.

“Institutional capital remains extremely inexpensive,” says chief financial officer Paul Fisher. “Both of these ventures access capital at favorable terms.”

UBS Real Estate is contributing $60 million to the CIC-Rochelle project, which ultimately is expected to include five million sf of industrial space. RC2 Corp. was the first customer, taking a 400,000-sf build-to-suit this month. “We expect UBS to become an important new relationship with whom we will routinely transact acquisitions, dispositions and potentially venture other rail-related real estate,” Fisher says.

CenterPoint WisPark Land Co. LLC will own the GrandView Business Park in Yorkville, WI and CenterPoint Business Center–Gurnee in addition to the Pleasant Prairie industrial park. WisPark LLC owned LakeView Corporate Park and GrandView Business Park, while CenterPoint Business Center–Gurnee was developed by the REIT. “We believe combining our franchises will best exploit increasing activity in the growing northern I-94 corridor,” explains CenterPoint senior vice president of development Michael Murphy.

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