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REIT Lands $50 Mil for O'Hare Express North

CHICAGO-CenterPoint Properties Trust will add to its 1.8-million sf airport portfolio with the 800,000-sf O'Hare Express North. The REIT gets a land lease on 49 acres and tax-exempt special facility revenue bonds.

By Mark Ruda | Updated on August 01, 2001

CHICAGO-CenterPoint Properties Trust has landed a long-term lease on 49 acres at O’Hare International Airport as well as $50 million in tax-exempt bonds to build 800,000 sf of air freight space. Construction will begin in October on O’Hare Express North, on the north side of the airport, and is expected to take three years.

CenterPoint already has developed the 50-acre O’Hare Express Center on the south side of the airport with a $44-million special facility revenue bond issue, paying an interest rate of 3.15%. The market’s largest industrial REIT’s presence at the airport already includes 10 buildings totaling 1.8 million sf with another 2.5 million sf of “just-off-airport” facilities.

“We have a tremendous amount of interest on this site from several top tier air-freight forwarders and anticipate matching the success at O’Hare Express Center, our initial on-airport park,” says CenterPoint vice president of airport development Chuck Henschel.

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