Centerpoint (NYSE:CNT)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Centerpoint Charts. Click Here for more Centerpoint Charts.](/p.php?pid=staticchart&s=NY%5ECNT&p=8&t=15)
CenterPoint Properties Trust (NYSE:CNT) today announced
that it will build a bulk storage facility for a national retailer at
CenterPoint Intermodal Center ("CIC") in Elwood, Illinois. The
facility will be comprised of two distribution buildings of 1.6
million sq. ft. and 1.8 million sq. ft. The project has commenced with
completion scheduled for the second half of 2006. The transaction is
structured as a 15-year lease with a purchase option.
Including this transaction, approximately seven million square
feet of industrial buildings have been built at CIC since the BNSF
Railway Company's intermodal facility opened for business in September
2002.
Michael Mullen, Chief Executive Officer, commented, "This
transaction validates our vision for CenterPoint Intermodal Center.
The proximity of BNSF's intermodal yard to our park is attracting
major distribution users seeking transportation efficiencies.
Distribution costs are minimized if goods are moved in containers by
rail long distance, then quickly relocated and de-containerized in
facilities in the park, and reshipped regionally by truck. This is
becoming the new distribution paradigm and Chicago and CenterPoint are
benefiting. Our region is the third largest container 'hub' in the
world and the dominant North American hub for distribution. In
addition to developing CIC, CenterPoint managed the development of the
1,230-acre intermodal for the Union Pacific Railroad in Rochelle,
Illinois and owns 362 acres nearby. We expect growing intermodal
demand to spur similar development opportunities both here and
elsewhere."
A copy of the agreement underlying this announcement has been
filed with the Securities & Exchange Commission.
About CenterPoint Properties Trust
CenterPoint is a publicly traded real estate investment trust
(REIT) and the largest industrial property company in the
1.4-billion-square-foot Chicago regional market. As of June 30, 2005,
the Company owned and operated approximately 38 million square feet
and the Company and its affiliates owned or controlled an additional
3,342 acres of land upon which approximately 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 $3.0 billion as of June 30, 2005.
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 and
10-Qs.