CenterPoint to Buy Prime Group Portfolio

CenterPoint Properties Trust, Oak Brook, Ill., has signed a contract to acquire a 3.8 million-square-foot industrial portfolio from Chicago-based Prime Group Realty Trust for $125.1 million.Prime said the portfolio represents "substantially all" of its industrial holdings and consists of 29 industrial properties, one office/technology building, and three parcels of industrial land totaling approximately 128 acres. The company estimated that its net proceeds would total $54 million after prorations, credits, debt assumption, the payment of tax indemnification obligations, and the deduction of escrows. "This transaction enables [Prime] to focus on its core portfolio of Chicago CBD and suburban office assets," said Jeffrey A. Patterson, Prime's president and chief investment officer. CenterPoint, a real estate investment trust, can be found online at http://www.centerpoint-prop.com.