The joint venture also is working on getting its line of credit doubled to $150 million, a prerequisite for the five-year extension. CalEast Industrial Investors, which owns 75% of the joint venture, is a real estate operating company owned by the State of California Public Employees' Retirement System and LaSalle Investment Management, Inc. The venture has done $600 million in business in its first five years, and currently holds $123 million worth of properties, according to the REIT's most recent earnings report.

"CalEast has proved itself a terrific partner over the last four years," says CenterPoint Properties Trust chief financial officer Paul Fisher. "Our venture will continue to operate with a similar structure and governance, but the renegotiated terms are in line with today's improved market for institutional equity. ... The venture has not only been successful in providing attractive capital, but in CalEast we have found a partner with whom we can efficiently transact other acquisition and disposition business."

Under the current arrangement, CenterPoint receives an 11% return, plus a 50-50 split of excess distributions.