CenterPoint Trades Seven-Property Portfolio in Chicago, Suburbs
CenterPoint Properties has sold a seven-property industrial portfolio totaling more than 1 million square feet and 73 acres in the Chicago region, including properties in the area near O’Hare International Airport. Crain’s Chicago Business reported the buyer as Blackstone, which paid $151 million.
In December, CenterPoint divested 53 assets encompassing more than 1.6 million square feet across 28 markets outside its core port and Midwest markets. “These sales underscore CenterPoint’s strategy of investment and management in our port and urban-infill markets in coastal markets, including Houston,” said Rives Nolen, SVP of investments at Oak Brook, IL-based CenterPoint.
Blackstone, which acquired a 27-property CenterPoint portfolio a year ago for a reported $400 million, is getting properties in the current sale in Chicago, Bensenville, Itasca, Elmhurst and other suburbs. Crain’s reported that the properties are smaller, leased to companies that want to be closer to their workers or customers in the city.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).