NAIOP, the Commercial Real Estate Development Association, has named CenterPoint Properties as 2011 Developer of the Year.
CenterPoint is the largest owner and developer of industrial real estate in metropolitan Chicago, acquiring, developing or selling nearly $1 billion of industrial property annually. With its affiliates, it owns and manages 34.1 million+ square feet for 260+ customers. Unique in its infrastructure and transportation-related development, and the only company in the nation to develop an intermodal logistics center in its entirety, CenterPoint is developing several large-scale, public/private partnership developments in key markets.
“CenterPoint’s position as an industry leader is evidenced by its ability to outperform in any real estate cycle,” said Thomas Bisacquino, NAIOP president and CEO, in a release. “CenterPoint CEO Michael Mullen’s skill for identifying and capitalizing on opportunities is remarkable, and it’s our honor to present him with this pinnacle award.”
CenterPoint is a leader in the development of intermodal centers – single-hub locations specializing in receiving, transferring, storing and distributing international and domestic cargo via air, rail, and highway. The company has developed leading intermodal facilities in California, Illinois, Missouri, Georgia, Texas and Virginia.
CenterPoint is one of the most active national industrial investors, with investment typically falling into two broad categories: strategic assets to hold long term and opportunistic assets for trade. Last year, it acquired more than $390 million of product, including the transfer of 87 North American Terminal properties throughout 38 states – a transaction successfully completed in just 45 days.
On the disposition side, CenterPoint recognized the demand from the capital markets for high-quality, well-occupied industrial product, completing three-building portfolio sale totaling 399,669 square feet. The transaction was valued at approximately $31.5 million and was a combination of a new development asset and acquisitions of leased product in liquid submarkets.
NAIOP will present the Developer of the Year award at Development 11: The Annual Meeting for Commercial Real Estate in Scottsdale, Ariz., in October. Since 1979, the Developer of the Year award has been presented to a member-developer company that best exemplifies leadership and innovation. Past winners include Alter Group; Liberty Property Trust; Ryan Companies; and ProLogis.
