CenterPoint Portfolio Sales Spotlight National Strategy, Signal Continued Investment Activity
Posted By Staff Writers On March 1, 2021 @ 8:39 am
OAK BROOK, IL – CenterPoint Properties has completed the latest in a series of portfolio sales that affirms its commitment to a national investment strategy and positions it for continued growth in 2021 and beyond. In its second major sale in consecutive quarters, CenterPoint sold seven properties totaling more than 1 million square feet and 73 acres in the Chicago market.
In December, CenterPoint made headlines after it divested 53 assets encompassing more than 1.6 million square feet across 28 markets outside its core port and Midwest markets.
“These sales underscore CenterPoint’s strategy of investment and management in our port and urban-infill markets in coastal markets, including Houston,” said CenterPoint Senior Vice President of Investments Rives Nolen. “We’re excited we’re able to reallocate our resources and target properties that better align with our overarching strategy,” Nolen added.
CenterPoint has divested more than $1.6 billion in assets since 2015. The sales are part of a long-term plan to rebalance 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 like the CenterPoint Intermodal Center in Joliet and Elwood, IL.
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 dramatically. In recent years, CenterPoint has significantly ramped up its investments nationally, much of that securing low-coverage assets in Southern California and the New York City metro area. It has also continued growing its footprint in Seattle, Oakland and Houston in recent years and planted its flag in South Florida in a significant way, establishing itself as one of the region’s most active investors.
“We’ve acquired nearly $3.5 billion since 2015, with a great deal of that in our prime markets of L.A. and New York/New Jersey,” said Jim Clewlow, CenterPoint Chief Investment Officer. “This year, we’re poised to repeat the $1.1 billion in acquisitions we made in 2020. This sustained level of productivity is the result of the hard work we’ve put into expanding our national footprint,” Clewlow finished.
About CenterPoint Properties:
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators, and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital, and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @centerpointprop on Twitter or engage with us on LinkedIn.