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CenterPoint Pipeline, Land Bank Swells

OAK BROOK, IL-Holding 3,053 acres of rapidly appreciating land, CenterPoint Properties Trust can build another 26.7 million sf on top of the 5.5 million sf in its current pipeline.

By Mark Ruda | Updated on October 27, 2005

(To read more on the industrial market, click here.)

OAK BROOK, IL-Now that the World Series is history, the hottest team in the Chicago market may be CenterPoint Properties Trust’s development group. Not only has the industrial REIT catapulted its development pipeline to 5.5 million sf, it has boosted its land bank to 3,053 acres with a 226-acre buy at Route 173 and the Tri-State Tollway, near the Illinois-Wisconsin state line.

The value of CenterPoint Properties Trust’s land bank has increased dramatically in recent years, according to chief executive officer Michael Mullen, but the REIT has no intentions of cashing in its chips. Instead of harvesting capital gains, CenterPoint Properties Trust is entitled to build 26.7 million sf on that land, which would represent 70% of the company’s current portfolio, already the largest collection of industrial property in the Chicago market.

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