An Illinois warehouse and real estate company has made a $3.5 billion partnership proposal to Virginia to run its port, one of the busiest in the nation.

CenterPoint Properties put the value of the proposed deal at $8.9 billion over the life of the 60-year partnership. Company officials who outlined the plan Thursday in Newport News already have announced plans to build a $325 million distribution center in Suffolk.

The Oak Brook, Illinois company has more than 90 percent of its holdings in the Chicago area, and it anticipates a strong port-to-rail link between Virginia and the Midwest.

The Virginia Port Authority owns and operates marine terminals in Norfolk, Portsmouth and Newport News, and an inland distribution center in Front Royal.