Centerpoint (NYSE:CNT)
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CenterPoint Announces Sale Lease-Back of 2.9 Million Square Feet To Caterpillar
Inc.
OAK BROOK, Ill., Dec. 16 /PRNewswire-FirstCall/ -- CenterPoint Properties Trust
today announced the acquisition of four buildings purchased from Caterpillar
Inc. . The 2.9 million square feet of industrial space is located on 280 acres
just east of the I-55/I-80 intersection adjacent to the Empress Casino on the
Des Plaines River in Joliet, IL.
Caterpillar is the world's largest producer of construction and mining
equipment, diesel and natural gas engines and industrial gas turbines. The four
building industrial complex is home to Caterpillar's hydraulics and hydraulic
systems manufacturing process, one of the core components of its earth moving
equipment. Caterpillar has signed a long-term lease with CenterPoint to
continue operations at the site.
"We are pleased to work closely with a nationally known redeveloper like
CenterPoint Properties. Caterpillar's hydraulics headquarters has been located
in the Joliet community for more than 50 years, and it is a critical component
of our global leadership," stated Jim Waters, General Manager of Caterpillar's
Hydraulics & Hydraulic Systems Business Unit. "Today, Caterpillar's hydraulics
manufacturing takes place in four buildings on the Joliet property. Over the
next few years, we will consolidate these manufacturing operations into one
existing building on the same site. The business will continue to operate on
the site through a long-term lease with CenterPoint. This move improves our
cost structure by reducing our overall building maintenance expense, while also
redeveloping prime real estate for the betterment of the community."
"While we announced a long-term sale lease-back today, ultimately it is our
intent to redevelop portions of the site and to further build our relationship
with Caterpillar Inc.," stated Mike Mullen, President and Chief Operating
Officer of CenterPoint Properties.
About CenterPoint Properties
CenterPoint is a publicly traded real estate investment trust (REIT) and the
largest industrial property company in the 1.3 billion-square-foot Chicago
regional market. It currently owns and operates approximately 32 million square
feet and owns or controls an additional 3,240 acres of land upon which 50
million square feet could be developed. The Company is focused on providing
unsurpassed tenant satisfaction and adding value to its shareholders through
customer driven management, investment, development and redevelopment of
warehouse, distribution, light manufacturing buildings and logistics
infrastructure. The first major REIT to focus on the industrial property
sector, CenterPoint had a total market capitalization of approximately $2.4
billion as of September 30, 2003.
Statements in this release, which are not historical, may be deemed
forward-looking statements under federal securities laws. There can be no
assurance that future results will be achieved and actual results could differ
materially from forecasts and estimates. Factors that could cause actual
results to differ materially are general business and economic conditions,
completion of pending acquisitions, competitive market conditions, weather,
pricing of debt and equity capital markets and other risks inherent in the real
estate business. Such factors and others are listed in the Company's Form 10-K
or 10-Q.
DATASOURCE: CenterPoint Properties
CONTACT: John S. Gates, Jr., Co-Chairman & CEO, or Paige H. Gilchrist,
Vice President, External Affairs, +1-630-586-8101, both of CenterPoint
Properties
Web site: http://www.centerpoint-prop.com/