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CenterPoint Prepares $55M Portfolio For Sale

CHICAGO-The company is divesting of three parcels, one in Wisconsin and two in Illinois, which total about 1.2 million sf.

By Cari Brokamp | Updated on October 13, 2008

CHICAGO-CenterPoint Properties, based here, is selling a three-property portfolio valued at $55 million. The industrial properties, two in River Grove, IL and one in Mount Pleasant, WI, are all 100% occupied, and combined total about 1.2-million-sf.

The cap rate on the properties is above 7%, says Ken Szady, executive director of Cushman & Wakefield’s capital markets group. Szady is handling the portfolio, along with Jim Carpenter, senior director.

The River Grove properties are at 8999 W. Palmer St., a 550,000-sf building, and at 1810 5th Ave, a 100,000-sf building. Both are occupied by single tenants, which deal in low-price, high-volume merchandise and sell to stores like Wal-Mart and the Dollar Store. The Palmer Street property has been occupied by its current tenant for more than a decade, Szady says.

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