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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report: June 16, 1999
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CENTERPOINT PROPERTIES TRUST
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<S> <C> <C>
Maryland 36-3910279
(State or other jurisdiction of Commission file number 1-12630 (I.R.S. Employer
incorporation or organization) Identification No.)
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1808 Swift Road, Oak Brook, Illinois 60523
(Address of principal executive offices)
(630) 586-8000
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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Since the filing of the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 1999, the Company acquired 43 industrial properties
from unrelated parties during the period May 13, 1999 through June 1, 1999
for an aggregate purchase price of approximately $64.6 million.
In May, 1999, the Company purchased 42 properties. The first property, a
368,215 square foot facility, located in Carol Stream, Illinois was
purchased for approximately $8.3 million. The next 10 properties, totaling
121,408 square feet, were purchased as a portfolio for approximately $9.3
million. The portfolio consists of 10 industrial land parcels, used as bus
terminals. All of the properties are located in Illinois, throughout the
Chicago Region. The next 31 properties, totaling 1,245,494 square feet,
were purchased as a portfolio for approximately $44.7 million. The
portfolio properties are located in Illinois, throughout the Chicago
region.
In June, 1999, the Company purchased a 77,015 square foot industrial
property, located in Elk Grove Village, Illinois, for approximately $2.3
million.
All of the above mentioned acquisitions were funded with advances on the
Company's line of credit with the First National Bank of Chicago and Lehman
Brothers Holdings as documentation agent.
As previously announced, the Company has 1,800 acres of land at the former
Joliet Arsenal (the "Arsenal") under contract and the project is undergoing
extensive economic, environmental and property due diligence, including a
determination of whether governmental agencies will provide the necessary
infrastructure to support the industrial development of the property.
If the acquisition of the Arsenal were completed, the Company expects to
lease a significant part of the site for the development of a rail
facility, to take advantage of the site's proximity to major rail lines and
other portions of the site to developer/operators of power, water and waste
water treatment facilities. The balance of the site is planned for the
Company's development over 10 years of up to 20 million square feet of
manufacturing and distribution space.
In April 1999, the Company acquired a 382 acre farm to the east of the
Arsenal, and contiguous to the western boundary of the town of Elwood.
This site was acquired from an affiliate of Transport Development Group,
whose contract to acquire the Arsenal from the Joliet Arsenal Development
Authority was assigned to the Company. The purchase price for the farm was
$5.5 million with certain additional consideration due in the event of the
Company's acquisition of the Arsenal. The farm was acquired to enlarge the
size of the potential industrial development at the Arsenal and to
facilitate the annexation of the combined site to Elwood. In the event the
Arsenal were not acquired, the farm would likely be resold or repurchased
by the seller.
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The acquisition of the Arsenal is contingent upon the satisfactory
completion of ongoing site investigation, including environmental due
diligence. In addition to standard conditions, the acquisition of the
Arsenal is contingent upon (1) the negotiation with the Department of the
Army of a satisfactory deed and an adequate undertaking regarding the
environmental remediation of the site; (2) the availability of funds from
state and federal sources for necessary external and internal
infrastructure; and (3) the annexation of the site by Elmwood and the
approval of tax increment financing in an amount and on terms deemed
sufficient by the Company.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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It is impracticable to provide the audit report of the acquired properties
and the Trust's pro forma financial information at this time. Those
exhibits will be filed 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 TRUST
By: /s/ Paul S. Fisher
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Paul S. Fisher
Executive Vice President and
Chief Financial Officer
June 16, 1999 (Principal Accounting Officer)
