Oak Brook, Ill. – CenterPoint Properties announced today an extended and modified agreement between the company’s DuPage Business Center in West Chicago and DuPage County. CenterPoint now boasts the ability to purchase land in the development along with strengthened partnerships with the City of West Chicago and the DuPage Airport Authority. The terms also include CenterPoint’s continued rights as the park’s sole developer and Jones Lang LaSalle as its exclusive agent.
“This new agreement offers CenterPoint more flexibility to develop the park and allows us to better accommodate future customers’ needs,” said Ed Harrington, senior vice president of development for CenterPoint Properties. “And we are confident that the excellent collaborative efforts of the City of West Chicago and the DuPage Airport Authority will help the business center become DuPage County’s most successful business address.”
The revised contract is expected to provide customers with greater build-to-suit, land sale and purchase opportunities. Furthermore, the park’s location to key transportation infrastructure combined with the new development agreement create a win-win situation for customers and the City of West Chicago.
“Because of the DuPage Business Park, the City of West Chicago is in the most unique and advantageous position of any community in DuPage County for future office park, research, and manufacturing projects,” said John D. Said, AICP, director of community development for West Chicago. “The park offers great opportunities for businesses, whether international, regional, or local to develop Class A facilities on green field sites with complete infrastructure already in place. The location adjacent to DuPage Airport, right off of Illinois 59, and a short distance to both I-88 and I-90 offer unparalleled advantages in DuPage County.”
“The DuPage Airport Authority and CenterPoint Properties have solidified our partnership for the next five years and in the process established procedures to effectively market the DuPage Business Center as the most desirable alternative for developments in Chicagoland, “ added David Bird, executive director of the DuPage Airport Authority. “We now have the flexibility to respond to the marketplace in a timely manner, and we think this will enable us to attract new users to the business park which will translate directly into jobs and economic impact to the area.”
CenterPoint acquired the business center, previously known as the DuPage Technology Park, in 2005. The extended agreement between DuPage County and CenterPoint is currently set to expire in 2017.
About DuPage Business Center
The DuPage Business Center is strategically located in West Chicago, Illinois, 35 miles from the Chicago CBD and within a population base of one million people in DuPage County. The 800-acre campus features all new communications and utility infrastructure to meet today’s bandwidth constraints and information security challenges. DuPage Business Center offers buildings, land and build-to-suit options ideal for office, retail or industrial warehouse needs in a first-class corporate environment.
About CenterPoint Properties
CenterPoint Properties is focused on the development, ownership and intensive management of industrial real estate and related rail, road and port infrastructure. CenterPoint adds value to its customers through forward-thinking solutions aimed at enhancing supply chain and operating efficiencies. The company also seeks long-term relationships with customers, public and private business partners, internal colleagues and the communities where it invests and operates. In 2011, CenterPoint won NAIOP’s Developer of the Year and also received IANA’s Intermodal Achievement Award, which recognizes outstanding contributions towards the advancement of the intermodal freight transportation industry. For more information on CenterPoint Properties, visit www.centerpoint.com or follow @centerpointprop on Twitter.
More Industrial Real Estate News from CenterPoint