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OAK BROOK, IL-CenterPoint Properties, based here, and theHartford, CT-based US real estate business of UBS Global AssetManagement have formed a joint venture focusing on institutionalindustrial developments in the Chicago metropolitan area. Theindustrial focus "reflects our continued confidence in the momentumof both the I-94 corridor and the O'Hare submarkets," a CenterPointspokesman says. The value of the venture could exceed $600million.

CenterPoint is contributing 2.6 million sf of stabilizedbuildings, about 600,000 sf of buildings under construction andabout 600 acres of developable land to the joint venture. The valueof CenterPoint's contribution is more than $250 million, thespokesman says. The venture will focus on the O'Hare and I-94submarkets. "O'Hare is going through a historic renovation that ischanging the landscape of Chicago's most significant industrialreal estate sub-market and the I-94 sub-market from Chicago toMilwaukee continues to see robust growth," CenterPoint CEO MichaelMullen said in a released statement.