DENVER, April 16, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Catellus Development Group, a ProLogis (NYSE: PLD) company specializing in mixed-use development, announced today that it has been selected as master developer and finalized the agreement for a 550-acre mixed-used project located near the Stockton Metropolitan Airport.
Airport East Business Park will be developed along Highway 99, one of the most heavily traveled interstates in California. When completed, the site will include up to 2.5 million square feet of office space, 1.5 million square feet of air cargo space, 1.4 million square feet of distribution facilities, 91,000 square feet of new retail development and 500,000 square feet of open space and parks.
"We're excited by the opportunity to expand our development presence in California with the Stockton Airport project," said Greg Weaver, president of Catellus. "This premiere mixed-use project uniquely combines the development expertise of both ProLogis and Catellus. We are confident that Airport East Business Park will bring substantial benefits to the County of San Joaquin and its citizens, and look forward to delivering on this potential."
Airport East Business Park is located near the Stockton airport with close proximity to San Francisco's Bay Area. The project has a 15 to 20 year build-out timeframe and is currently being marketed to leading global companies with warehousing, office and retail needs. Upon completion, the site is expected to bring up to 14,000 new jobs to the region and to generate approximately $1.3 million in annual property taxes.
"This is an excellent business venture for San Joaquin County," stated San Joaquin County Board of Supervisors Vice Chairman Leroy Ornellas. "Coupling this endeavor with the newly enlarged Enterprise Zone will not only generate revenue for the County but, when completed, will significantly increase employment opportunities for County residents."
Other major projects developed by Catellus in California include Mission Bay in San Francisco, Pacific Commons in Fremont, Alameda Landing, Los Angeles Union Station, Los Angeles Air Force Base, and Santa Fe Place in San Diego.
About ProLogis
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 118 markets across North America, Europe and Asia. The company has $36.3 billion of assets owned, managed and under development, comprising 510.2 million square feet (47.4 million square meters) in 2,773 properties as of December 31, 2007. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs more than 1,500 people worldwide. For additional information about the company, go to http://www.prologis.com.
Catellus Development Group, a business unit of ProLogis, specializes in large-scale development projects that involve residential, retail and office facilities at brownfield sites, military bases, former airports and other locations suited for mixed-use. Catellus' expertise covers all aspects of mixed-use master development, including planning and entitlement, public infrastructure and amenities, tax-increment financing, environmental remediation, community relations and sustainable design. Catellus also has extensive experience developing retail centers with local and national retail customers. Sample Catellus projects include the Mission Bay development in San Francisco; the Mueller airport redevelopment in Austin, Texas; and Los Angeles Air Force Base in El Segundo, Calif. For additional information about Catellus, go to http://www.catellus.com.
SOURCE Catellus Development Group
http://www.catellus.com
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