News: Six Flags Great America land sold

Posted at 11:59 PM EDT (0359 GMT)

May. 6th, 2004 -- CenterPoint properties trust bought land adjacent to Six Flags Great America and closed a deal today for slightly under $12 million that turns land originally to be developed into a waterpark and maybe even seasonal housing for the park into an industrial park instead. The land will be graded soon and construction will begin this summer.

The property is located 134 acres west of Interstate 34 and north of Washington Street. CenterPoint is the areas largest industrial landowner.

This deal is a rare expansion of the industrial market in Lake County, where the slow economy and lack of land has made business expansions difficult. The senior vice president of CenterPoint expects the property to be a mix of office space and warehouses. CenterPoint may begin building without a committed tenant.

The property was put on the market by Six Flags Inc. after attendance dropped at most of its 39 parks in North America and Europe last year.

For more information please see the Sun Times.