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Strong Demand Seen at Joliet Arsenal

JOLIET, IL-CenterPoint REIT execs say they are getting strong interest for the $1 billion Joliet Arsenal redevelopment, one of the nation's premier industrial projects. The COO says the trust is in negotiations to locate a large power plant at the 2,242-acre site, while up to four million-sf of industrial space are also in serious negotiation.

By Ted Jackson | Updated on October 24, 2000

CHICAGO-As 180 pieces of machinery and over 300 operators work furiously six days a week transforming the former Joliet Arsenal into a huge transportation and industrial park, CenterPoint Properties executives are working equally hard to sell the project. The trust’s COO says that CenterPoint is in negotiations to locate a large power plant at the 2,242-acre site, while strong interest in about 4 million-sf of industrial space is being shown.

“We don’t like to count our chickens before they’re hatched,” says COO Mike Mullen. “But my 25 years in the real estate business tell me that we have interest in 4 million-sf that is a lot more than just kicking the tires.” Mullen also says that the trust is in negotiations with power plant developers to locate a large generating station at the former Joliet Arsenal, which has been renamed CenterPoint Intermodal Center.

While Mullen would not name the parties with whom he is negotiating, he did say that one of the potential tenants is interested in consolidating its several area locations into a two million-sf campus-style development. CenterPoint has already signed DSC Logistics, a big distributor, to a 1.1 million-sf development that will likely cost over $40 million to build. DSC will be breaking ground in the spring on the high-grade perishables distribution facility.

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