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Package of Seven Industrial Buildings Changes Hands in Reported $46-Mil Deal

OAK BROOK, IL-A partnership including REIT CenterPoint Properties Trust, California Public Employees Retirement System and LaSalle Investment Trust buys seven industrial buildings in the Chicago and Milwaukee markets.

By Mark Ruda | Updated on January 02, 2001

OAK BROOK, IL-CenterPoint Venture LLC has increased its holdings in suburban Chicago and southeastern Wisconsin by more than 1 million sf with the recent purchases of seven industrial buildings from Wispark Corp. Part of the deal, worth a reported $46 million, also will include CenterPoint Venture’s joining Wispark in developing three business parks in Illinois and Wisconsin.

CenterPoint Venture was attracted to the properties by their locations near interstate highways and airports. The purchases included:·Three buildings totaling 574,156 sf in Elgin, IL, leased to R.R. Donnelly, Exel Logistics and Chep USA.·A 163,420-sf building in Aurora, IL, leased to Exel Direct, Inc.·A 150,128-sf building in Pleasant Prairie, WI, leased to Nucon Corp.·A 102,963-sf building in New Berlin, WI, leased to Home Care Medical and Schroeder Moving Systems.·A 94,403-sf building in Pewaukee, WI, leased to UPS Worldwide Logistics and DexM Corp.The business parks that CenterPoint Venture and Wispark will jointly develop are the Northwest Corporate Park in Elgin, Lakeview Corporate Park in Pleasant Prairie and Grandview Business Park in Yorkville, WI. Wispark, which is owned by Wisconsin Energy Corp., will retain ownership of the three business parks, which total 550 acres and have the potential to see 8 million sf of industrial buildings.

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