CenterPoint, CalEast Expand JV

CenterPoint Properties Trust, Oak Brook, Ill., and CalEast Industrial Investors have expanded and extended the lifespan of an industrial joint venture, CenterPoint Venture.The venture was originally formed in January 2000 by CenterPoint's taxable subsidiary and is now being given a five-year extension, CenterPoint said. The venture will continue to invest in "institutional quality" opportunities that are passed over by the real estate investment trust and to improve and sell them to fixed-income-oriented investors. The renegotiated venture will "engage in more build-to-suit development and turn its investments more rapidly" and undertake "up to double its historical activity," CenterPoint said. The venture's funding includes an equity commitment of $200 million by CalEast -- which is a real estate operating company owned by CalPERS and LaSalle Investment Management -- and $67 million by CenterPoint. The venture also expects to renew its line of credit, which is co-led by JP Morgan Securities and Banc of America Securities, and expand its capacity to $150 million, CenterPoint said.