CenterPoint Properties
{{Short description|Company that invests primarily in real estate used for intermodal freight transport}}
{{Infobox company
| name = CenterPoint Properties
| logo =
| industry = Real estate
| predecessor = FCLS Investors Group
| founded = {{Start date and age|1984}}
| hq_location = Oak Brook, Illinois, United States
| key_people = {{Plainlist|
- Robert Chapman
(President & CEO, 2013-Present) - Michael M. Mullen
(President & CEO, 2001-2011) - Paul Fisher (President, 2011)}}
| owner = CalPERS
| subsid = Capital and Regional plc
| homepage = {{url|http://www.centerpoint.com/}}
}}
CenterPoint Properties is a company that invests primarily in real estate used for intermodal freight transport. The company owns more than 300 buildings containing more than 60 million square feet, including the CenterPoint Intermodal Center. The company is solely owned by CalPERS, which has engaged with GI Partners for management services of CenterPoint since 2010.{{Cite web |title=GI Partners to Manage CalPERS' $3.4 Billion CalEast Industrial and Logistics Real Estate Portfolio |url=https://www.gipartners.com/news/gi-partners-to-manage-calpers-34-billion-caleast-industrial-and-logistics-real-estate-portfolio |access-date=2023-05-10 |website=www.gipartners.com |language=en}}
Timeline
In 1984, the company was launched as Capital and Regional Properties Corporation, the U.S. subsidiary of Capital and Regional plc.{{Cite web |url=https://centerpoint.com/about-centerpoint/centerpoint-history/ |title=Leaders in Industrial Real Estate - CenterPoint History |website=CenterPoint Properties |language=en-US |access-date=2019-04-25}}
In 1993, the company acquired FCLS Investors Group and became a public company via an initial public offering.
In March 2001, the company began development of the $58 million, 436,000 square foot Chicago International Produce Market.{{cite news |url=http://www.chicagobusiness.com/article/20010329/NEWS07/20001921/produce-market-set-to-take-root |title=Produce market set to take root |first=Ellen |last=Almer |work=Crain Communications |date=March 29, 2001}}
In July 2001, the company invested $56 million in 9 suburban buildings and sold an apartment complex, 4 industrial buildings and a 42-acre land parcel in Aurora, Illinois for $48 million.{{cite news | url=http://www.chicagobusiness.com/article/20010713/NEWS12/20002826/centerpoint-closes-property-deals | title=CenterPoint closes property deals | first=James | last=Evans | work=Crain Communications | date=July 13, 2001}}
In October 2001, the company began development of O'Hare Express North.{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-2001-08-01-0108010174-story.html | title=CenterPoint to build air freight facilities | work=Chicago Tribune | date=August 1, 2001}}
In 2001, Michael M. Mullen became president and chief operating officer of the company. In 2004, he was promoted to chief executive officer.{{cite news | url=http://www.chicagobusiness.com/article/20041002/ISSUE04/100022307/new-centerpoint-chief-exec-aims-for-business-as-usual | title=New CenterPoint chief exec aims for business as usual | first=Alby | last=Gallun | work=Crain Communications | date=October 2, 2004}}
In 2002, the company broke ground on an automotive supplier manufacturing campus in partnership with Ford Motor Company.{{cite news | url=http://www.chicagobusiness.com/article/20020115/NEWS12/20004293/ford-centerpoint-ready-facility | title=Ford, Centerpoint ready facility | first=Ellen | last=Almer | work=Crain Communications | date=January 15, 2002}}
In 2006, the co-chairman of the company, John Gates Jr., came under scrutiny for his part ownership in 2 corporate jets with one of the company's top vendors.{{cite news | url=https://www.chicagotribune.com/2006/03/11/jets-cause-reit-ruckus/ | title=Jets cause REIT ruckus | first=Thomas A. | last=Corfman | work=Chicago Tribune | date=March 11, 2006}}
In 2006, the company was acquired by a joint venture between CalPERS and LaSalle Investment Management.{{cite press release | url=http://www.businesswire.com/news/home/20051207005902/en/CalEast-Industrial-Investors-Acquire-CenterPoint-Properties-Trust | title=CalEast Industrial Investors to Acquire CenterPoint Properties Trust | publisher=Business Wire | date=December 7, 2005}}
In 2008, the company began construction of the CenterPoint Intermodal Center, a 3,600 acre facility that cost $1.26 billion and opened in 2010.[https://www.fhwa.dot.gov/ipd/project_profiles/il_centerpoint.aspx Federal Highway Administration: Project Profiles: CenterPoint Intermodal Center] The company also began construction of the CenterPoint-KCS Intermodal Center in partnership with Kansas City Southern Railroad at the former Richards-Gebaur Air Force Base.{{cite news | url=https://www.bizjournals.com/kansascity/stories/2008/01/21/focus12.html | title=CenterPoint-KCS Intermodal Center | work=American City Business Journals | date=January 20, 2008}}
In 2010, the company partnered with Zimmer Real Estate Services to begin redevelopment the Kansas City Plant pursuant to a lease with the General Services Administration on behalf of the National Nuclear Security Administration.{{cite press release | url=https://nnsa.energy.gov/mediaroom/pressreleases/kcrims061410 | title=GSA Signs Lease for New Campus in South Kansas City | publisher=National Nuclear Security Administration | date=June 14, 2010 | access-date=September 15, 2017 | archive-url=https://web.archive.org/web/20170915205406/https://nnsa.energy.gov/mediaroom/pressreleases/kcrims061410 | archive-date=September 15, 2017 | url-status=dead }} In 2014, the company began an environmental review of the site.{{cite news | url=http://www.kansascity.com/news/politics-government/article49473260.html | title=Kansas City's nuclear legacy trails weapon makers and their families | first1=LINDSAY | last1=WISE | first2=SCOTT | last2=CANON | work=The Kansas City Star | date=December 12, 2015}}
In 2011, Mullen retired as chief executive officer and was replaced by Paul Fisher, president of the company.{{cite news | url=http://www.chicagobusiness.com/realestate/20110608/CRED03/110609829 | title=CenterPoint names new CEO as Mullen retires | first=Eddie | last=Baeb | work=Crain Communications | date=June 8, 2011}}
In May 2015, the company broke ground on a 450,660-square-foot speculative building at the CenterPoint-KCS Intermodal Center.{{cite news | url=https://www.bizjournals.com/kansascity/news/2015/05/15/centerpoint-will-buildsecond-spec-at-its-kc.html | title=CenterPoint will build second spec at its KC intermodal center | first=Rob | last=Roberts | work=American City Business Journals | date=May 15, 2015}}
In September 2015, Caterpillar Inc. announced that it may end production at its hydraulics plant in Joliet, Illinois that is leased from the company until 2018.{{cite news | url=http://www.theherald-news.com/2015/09/25/caterpillar-may-cut-last-production-lines-in-joliet/ar2npiu/ | title=Caterpillar may cut last production lines in Joliet | first=LAUREN | last=LEONE–CROSS | work=The Herald-News | date=September 26, 2015}}
See also
References
{{reflist}}
External links
- [http://www.centerpoint.com/ Official Website]
- [https://www.usreainc.com/appraisals-and-reviews/ Property Appraisals]
- [https://gatorrated.com/ Real Estate Resources]
Category:Companies established in 1984
Category:1984 establishments in Illinois
Category:Real estate companies of the United States
Category:Companies based in DuPage County, Illinois
Category:Industrial parks in the United States