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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
( ) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
(X) Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 2, 1996
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Commission file number 1-12630
CENTERPOINT PROPERTIES CORPORATION
Maryland 36-3910279
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
401 North Michigan Ave., Chicago, Illinois 60611
(312) 346-5600
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Between April 30, 1996 and September 18, 1996, the Company acquired for an
aggregate purchase price in excess of 10% of the total assets of the
Company and its unconsolidated subsidiaries.
On April 30, 1996, the Company acquired a fully leased 630,000 square foot
industrial property located in Hodgkins, Illinois for approximately $13.2
million, which was funded with an advance on the Company's line of credit
with LaSalle National Bank. The seller was Corporate Property Associates.
In May, 1996 the Company acquired two fully leased industrial properties.
On May 1, 1996, the Company acquired a 184,000 square foot property located
in Milwaukee, Wisconsin for approximately $5.1 million from Toys "R" Us
Delaware, Inc. and on May 20, 1996, the Company acquired an owner occupied
42,000 square foot property located in Elk Grove Village, Illinois for
approximately $1.2 million from Florida Tile Industries, Inc. Both were
funded with advances on the Company's line of credit with LaSalle National
Bank.
In June, 1996, two fully leased industrial properties were purchased
utilizing the proceeds from a tax free exchange structure permitted under
the Internal Revenue Service Code in which four previously owned properties
were sold in May, 1996. On June 10, 1996, a 82,000 square foot property
located in Elk Grove Village, Illinois was purchased for approximately $2.9
million. The seller was JMB Group Trust V. On June 6, 1996 a 202,000
square foot property located in Itasca, Illinois was purchased for
approximately $10.0 million reduced by the assumption of a $5.7 million
mortgage. The seller was Itasca Venture, L.P., an Illinois limited
partnership, in which two of the Company's executive officers, Robert
Stovall, Chief Operations Officer, and Michael Mullen, Executive Vice
President of Acquisitions, were partners.
Two other fully leased industrial properties were purchased in June, 1996.
A 274,000 square foot industrial property in Franklin Park, Illinois was
purchased on June 6, 1996 for approximately $9.3 million less the
assumption of a $7.6 million mortgage. It was funded with working capital.
A 152,000 square foot industrial property in Elk Grove Village, Illinois
was purchased on June 27, 1996 for $5.2 million with an advance on the
Company's line of credit with LaSalle National Bank. Both properties were
acquired by purchase of the partnership interests in the Edge Venture and
Elk Grove Limited Partnership, two partnerships in which Robert Stovall,
the Company's Chief Operations Officer, and Michael Mullen, the Company's
Executive Vice President of Acquisitions were partners.
Each of the three foregoing transactions involving related parties was
approved by the Independent Directors of the Company.
On September 18, 1996, the Company acquired a fully leased 1,354,000 square
foot industrial property in Northlake, Illinois for approximately $22.4
million. It was purchased from AG Communication Systems, Inc. and funded
with a $16.0 advance
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on the Company's line of credit with Lehman Brothers and in part with
proceeds of a public offering completed on July 2, 1996.
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ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
It is impracticable to provide the Audit Report of the acquired properties
and the Company's Pro Forma financial information at this time. Those
exhibits will be filed by November 28, 1996 or as they are completed.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CENTERPOINT PROPERTIES CORPORATION
a Maryland corporation
By: /s/ Paul S. Fisher
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Paul S. Fisher
Executive Vice President and
Chief Financial Officer
October 2, 1996 (Principal Accounting Officer)
