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CenterPoint Hopes to Cash In On Strong Market

OAK BROOK, IL-The largest industrial owner in the Chicago market is fielding offers on several properties, which it estimates could result in $63 million that would be channeled into "value-added" investments.

By Mark Ruda | Updated on February 16, 2005

OAK BROOK, IL-Hoping to capitalize on the strong demand for industrial assets, CenterPoint Properties Trust has put several properties on the market. The largest industrial owner in the Chicago market could reap $63 million in sales this year, according to the REIT’s recent earnings report and conference call.

“Activity is very strong for early in the year,” says chief operating officer Paul T. Ahern. “Institutional demand for our product is very strong.”

Last year, the REIT’s recycling efforts resulted in $380 million in sales with $281 million spent on acquiring new properties, a record volume. Included in the acquisitions was 1.2 million sf of vacant space, while the sales included 6.7 million sf of leased properties. The REIT plans to continue using sales proceeds to buy “value-added” opportunities.

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