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Rail News: Intermodal

CenterPoint Properties acquires rail-served properties at Seattle port


CenterPoint Properties earlier this month acquired two rail-served properties covering 31 acres at the Port of Seattle.

The acquisition includes a 157,000-square-foot multimodal transload facility on 6.9 acres with on-site rail, barge, intermodal and truck access. BNSF Railway Co. and Union Pacific Railroad serve the facility, which is located within two miles of the Class Is' intermodal terminals.

CenterPoint Properties also acquired a property featuring a 24.4-acre container/storage yard served by BNSF, UP and the port. The property includes a two-story office building, 230,000-square-foot industrial building and a site for a future barge mooring dock that would further increase the property's functionality, CenterPoint officials said in a press release.

"The acquisitions are an opportunity for CenterPoint to expand on our investment in port-related and logistically advantaged properties in the Puget Sound market," said Senior Vice President of Investments Jim Linn. "With continued efforts to grow our presence in the Seattle port market by over 1 million square feet each year, acquisitions like these are essential to meeting and surpassing these aggressive goals."

Over the past year, CenterPoint has acquired six properties in the Puget Sound real estate market totaling nearly 1 million square feet.

Contact Progressive Railroading editorial staff.

More News from 12/10/2014