In its second major sale in consecutive quarters, Oak Brook-based CenterPoint Properties has sold seven industrial properties totaling more than 1 million square feet and 73 acres in the Chicago market.
In December, CenterPoint divested 53 assets, encompassing more than 1.6 million square feet across 28 markets, outside its core port and Midwest markets.
Since 2015, CenterPoint has divested more than $1.6 billion in assets. The recent sales are part of CenterPoint’s long-term plan to re-balance its 63.5-million-square-foot portfolio and focus resources and personnel on investments in port-proximate coastal markets and developments in its major intermodal hubs such as the CenterPoint Intermodal Center in Joliet and Elwood, Illinois
Company leaders say the strategic shift they’ve undertaken over the past decade has strengthened its portfolio from a risk-perspective and has enabled it to grow its footprint along the coasts considerably. In recent years, CenterPoint has accelerated its investments nationally, securing low-coverage assets in Southern California and the New York City metro area. The company has also continued to expand its footprint in the Seattle, Oakland, Houston and South Florida markets.