HERNDON, VA – July 21, 2011 – (RealEstateRama) — NAIOP, the Commercial Real Estate Development Association, today announced that CenterPoint Properties has been selected as the 2011 Developer of the Year.
CenterPoint is the largest owner and developer of industrial real estate in metropolitan Chicago. The Company acquires, develops or sells nearly $1 billion of industrial property annually. With its affiliates, the company owns and manages more than 34.1 million square feet for 260+ customers. Currently, CenterPoint owns or controls 8,100+ acres of land for future development in Chicago and other hub-cities around the country. Unique in its infrastructure and transportation-related development, and the only company in the nation to develop an intermodal logistics center in its entirety, CenterPoint is developing several of these large-scale, public/private partnership developments in key markets
“CenterPoint Properties’ position as an industry leader is evidenced by its ability to outperform no matter what the real estate cycle,” said Thomas J. Bisacquino, NAIOP president and CEO. “NAIOP is proud to recognize CenterPoint for its development of outstanding projects and its ability to extend its practices to capitalize on opportunities and meet the demands of today’s markets.”
The award announcement follows CenterPoint’s statement that Chief Executive Officer Michael Mullen will retire on September 30, 2011. Mullen, a founder of CenterPoint who guided the company as CEO since 2005, will become vice chair of the Board of Trustees and will also serve on the firm’s Asset Allocation Committee.
“Mike’s leadership in the Chicago real estate community and beyond is a driving factor behind CenterPoint’s success,” said Bisacquino. “Throughout his career with CenterPoint and during his leadership as NAIOP Chairman in 2007, Mike’s skill for identifying the best opportunities, building great teams and conceiving the finest projects is remarkable. It’s our honor to present him with this pinnacle award.”
NAIOP will present the Developer of the Year award on Wednesday, October 19, at NAIOP’s Development 11: The Annual Meeting for Commercial Real Estate in Scottsdale, Ariz.
Leadership in Intermodal Center Development; Strategic Investment Decisions
CenterPoint is a leader in the development of intermodal centers – single-hub locations specializing in receiving, transferring, storing, and distributing international and domestic cargo via air, rail, and highway. The company has developed leading intermodal facilities in California, Illinois, Missouri, Georgia, Texas and Virginia. Public/private partnerships have been the foundation of the company’s large-scale projects and its success is due to creative collaboration with economic development and environmental protection agencies, transportation departments and key individuals from local, state and federal government.
CenterPoint Intermodal Center – Joliet (CIC-Joliet) is the largest master-planned inland port in North America. Situated on more than 6,000 acres just 40 miles southwest of downtown Chicago, CIC-Joliet is strategically positioned at the epicenter of the region’s immense transportation infrastructure. Adjacent to the I-55/I-80 interchange and anchored by the BNSF’s Logistics Park-Chicago and Union Pacific’s-Joliet Intermodal Terminal, CIC-Joliet is home to the nation’s top retail, shipping and distribution companies, including Walmart, Home Depot, Bissell, Stepan Chemical, Delong Companies, American President Lines (APL), Mediterranean Shipping Company (MSC), Georgia Pacific, Potlatch, McKesson, and the Dry Storage Corporation.
CenterPoint has emerged as a top developer in the government service sector, with particular regard to the U.S. Department of Energy. Currently, CenterPoint is under development of a National Nuclear Security Administration’s (NNSA) manufacturing complex and research facility in Kansas City, Mo. The $700 million LEED Gold certified complex will comprise five buildings totaling 1.5 million square feet on 186 acres immediately north of CenterPoint Intermodal Center-Kansas City.
The CenterPoint Intermodal Center-Savannah (CIC-Savannah) comprises 250 acres available for development and will ultimately contain more than 1.3 million square feet of industrial facilities and 30 acres of container and trailer storage management. Located just 4 miles from the Georgia Port Authority and within minutes of I-95 and I-16, CIC-Savannah offers access to world-class transportation amenities, including direct Norfolk Southern rail service and the Norfolk Southern’s Dillard Intermodal Yard, a domestic intermodal facility that can handle 150,000+ containers annually, is situated on 40 acres and is operational 24 hours a day. In November 2010, Coastal Logistics Group’s 320,000 square feet rail served facility was the first build-to-suit at CIC-Savannah.
Investment by the company typically falls into two broad categories; strategic assets to hold long term and opportunistic assets for trade, both located in CenterPoint’s targeted hub markets. CenterPoint remains one of the most active national industrial investors. During the last year, CenterPoint acquired more than $390 million of product. This includes the transfer of 87 North American Terminal properties throughout 38 states. The transaction was successfully completed in just 45 days.
On the disposition side, CenterPoint recognized the demand from the capital markets for high-quality, well-occupied industrial product. CenterPoint completed a three-building portfolio sale totaling 399,669 square feet. The transaction was valued at approximately $31.5 million and was a combination of a new development asset and acquisitions of leased product in liquid submarkets. It was an opportune time to recycle capital from select assets where significant value was created.
Leadership in Real Estate and General Business Communities
CenterPoint Properties recognizes the impact that buildings have on the environment and is committed to being socially responsible through its design/build initiatives. Through the years, CenterPoint has shown a commitment in providing innovative and sustainable facilities for tenants and investors. The company is committed to building energy efficient and sustainable buildings. CenterPoint completed two LEED (Leadership in Energy and Environmental Design by the U.S. Green Building Council) projects in 2009, with more than 500,000 square feet of sustainable development.
CenterPoint also exhibits leadership through technology, including the award winning CenterPoint Universal Business System (CUB), an enterprise portal integrating internal and external information into a cohesive .NET Web application that recognizes the power of a superior interface to enhance productivity. Inspired by best practices in data visualization, and designed to facilitate the company’s business processes, CenterPoint used a “buy when you can/build when you can’t” philosophy to combine their ERP solution, custom applications, MS Active Directory, MS SharePoint, EMS exchange, unstructured corporate data and external Web services into a system that provides the right information to the right people at the right time.
About Developer of the Year
Since 1979, the Developer of the Year award has been presented annually to one member-developer company that best exemplifies leadership and innovation in the commercial real estate industry. It is determined by a selection committee of industry peers, using six criteria to evaluate entries: industry and business leadership; involvement in NAIOP; quality of products and services; financial consistency and stability; ability to adapt to market conditions; and social consciousness. Past winners of the award include Alter Group; Highwoods Properties; Liberty Property Trust; Ryan Companies; Bentall Capital; ProLogis; Colonial Properties Trust; and Lowe Enterprises.
About NAIOP: NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 15,500 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit www.naiop.org.
About CenterPoint Properties: CenterPoint, a leading industrial real estate company, focuses on the acquisition, development and redevelopment of port and intermodal related properties offering customers supply chain savings. The company’s investments, including 8,100+ acres under development in intermodal logistics business parks, are strategically located in the nation’s transportation hubs. In early 2006, after a 13-year run as a publicly-traded real estate investment trust (REIT) on the New York Stock Exchange, the company was acquired by the California Public Employees’ Retirement System, the nation’s largest pension fund. For more information, please visit www.centerpoint-prop.com.