LOUISVILLE, Ky., June 6 /PRNewswire/ -- ProLogis (NYSE: PLD), a leading global provider of distribution services and facilities, and Exel plc. have announced a 5-year lease for a 300,000 square foot build-to-suit distribution facility in Louisville, Kentucky. Third party logistics company Exel will use the new building to store and distribute replacement parts for heating and air conditioning equipment for the Honeywell Corporation.
Exel expects to employ more than 75 people from the local area and will fully occupy the building by the third quarter of 2000. ProLogis currently leases eleven properties to Exel totaling 1.1 million square feet throughout the United States, including facilities in Columbus, Louisville, Atlanta and Chicago, and another 826,000 square feet throughout Europe.
"With more than one million square feet of distribution space leased and occupied from ProLogis, we feel that they have become an essential partner in helping us provide the best possible distribution services to our customers," said Fred Rake, Vice President of Operations for Exel Logistics. "ProLogis' ability to provide build-to-suit space when and how we need it has become an essential asset to enhancing our logistics business in the Louisville area."
The facility features a 32' clearance height, flow-through docking, concrete, tilt-up construction, and an ESFR sprinkler system. The Exel facility will be located in Riverport Distribution Center III which provides excellent access to Interstate 264 and Interstate 65, and contains more than eight million square feet of distribution space -- of which over 1.46 million square feet is currently owned by ProLogis. ProLogis has also leased an additional 2.1 million square feet to global customers Keebler, UPS, Master Lock and Valley Media in the same market.
"Logistics companies are faced with increasing and constantly changing customer demands, and they need facilities tailored to meet their specific needs," said James E. White, Vice President for ProLogis. "This facility's physical characteristics, and its proximity to the UPS mega-sorting hub, are a superior location which will serve Exel well."
ProLogis is a leading global provider of integrated distribution services, with more than 1,641 distribution facilities owned and operating throughout North America and Europe. ProLogis has built the industry's first and only global network of distribution facilities with the primary objective of becoming the leading provider of distribution facilities and services. The company expects to achieve this objective through the ProLogis Operating System(TM) and its commitment to be "The Global Distribution Solution" by providing exceptional corporate distribution services and facilities to meet customer expansion and reconfiguration needs globally. As of March 31, 2000, ProLogis had 180.8 million square feet of distribution facilities operating or under development in 98 global markets.