CenterPoint Sells Ind. Portfolio for $40 Million

CHICAGO—Oak Brook-based CenterPoint Properties just sold a pair of manufacturing and distribution buildings in the suburban Chicago area with a total of 674,209-square-feet for $39,650,000. The purchase closed during the last week of June. Known as the Federal Signal Industrial Property Portfolio, the 457,198-square-foot building at 2645 Federal Signal Dr. in University Park and a 217,011-square-foot building at 1300 Bartlett Ave. in Elgin, along with more than 56 acres of land, operate under triple-net-leases guaranteed by the Federal Signal Corporation.

“I think there is a pretty strong national demand for this type of property,” says Jonathan M. Wolfe, a principal with STREAM Capital Partners, LLC, a Chicago-based firm that advises clients on net-lease and sale leaseback deals. STREAM Capital was founded in 2012 and represented CenterPoint in negotiations with the undisclosed buyer. CenterPoint bought the portfolio in 2008.