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CenterPoint Sells 2.3 Million SF of Industrial Space Across Chicagoland

Westmount Realty Capital, Partners Group Team Up to Acquire 21-Property Portfolio
October 9, 2017
Oak Brook, IL-based industrial real estate owner, developer and manager CenterPoint Properties divested a significant portion of its area holdings with the sale of a 21-property portfolio totaling 2.35 million square feet across eight Chicago submarkets to Westmount Realty Capital and Partners Group.

The portfolio is approximately 82 percent occupied by 24 different tenants encompassing a wide gamut of industries from automotive and food packaging to fitness and electronics.

The bulk of the portfolio is concentrated northwest of Chicago near O'Hare International Airport in the Franklin Park, Elk Grove Village, River Grove, Itasca and Bensenville areas. The buildings range from 15,000 to 530,000 square feet and were completed between 1954 and 1998.

Despite the sale, CenterPoint will maintain a significant presence in Chicagoland where the company still owns more than 31 million square feet of space and plans to develop more than two million square feet of new projects each year.

"The sale of these assets is a strategic step to enhancing our company’s overall portfolio, which we continue to strengthen by investing in diverse, transportation-advantaged properties in coastal and inland port markets," said Jim Clewlow, CIO at CenterPoint.

For Dallas-based Westmount Realty Capital, the acquisition doubles the company's holdings in the Chicago market to five million square feet. Westmount will reposition its local property management office in Chicago into a regional office to better serve its expanded area portfolio.

Kurt Sarbaugh, Robin Stolberg, Jeff Bramson, John Merrill, Rusty Tamlyn, Jamie Fink and Sam Berry of HFF's investment sales team represented CenterPoint in the transaction.

Stephen Skok and Christopher Knight of HFF's debt placement team arranged a three-year, floating-rate loan with two one-year extension options on behalf of the acquiring venture.

Please see CoStar Comp #4020131 for more information on the transaction.
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