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Deals Cut By Chicago Market's Largest REIT Focus on Properties Near O'Hare

OAK BROOK, IL-CenterPoint Properties Trust recently sold 23 industrial buildings for $31.6 million while picking up another six for $19 million. The largest properties sold and bought were in suburbs next to the airport.

By Mark Ruda | Updated on January 11, 2001

OAK BROOK, IL-CenterPoint Properties Trust recently sold 23 industrial properties totaling 582,058 sf for $31.6 million while buying six properties totaling 440,055 sf for $19 million. The largest parcels in the REIT’s list of sales and acquisitions were in two suburbs near O’Hare International Airport, where CenterPoint’s holdings total about 8 million sf.

The purchase was a 265,000-sf industrial building on a 15-acre site at the southeast corner of Illinois Route 83 and Landmeier Road in northwest suburban Elk Grove Village. The package of properties bought by the largest industrial property company in the Chicago market is expected to provide an 11% yield. CenterPoint also bought two buildings in nearby Des Plaines and one in Bensenville, along with one in southwest suburban Burr Ridge and one in Milwaukee.

The Elk Grove Village property is the most attractive because of the lack of vacant land just beyond O’Hare. “We have several users interested in the 15-acre site because of its excellent access to ground transportation, its rail service and its proximity to O’Hare,” said senior vice president of investments Sean Maher.

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