ProLogis Signs 337,000-Square-Foot Build-to-Suit Agreement Near Chicago
-- Bay Valley Foods to Expand Its Distribution Hub at ProLogis Park Rochelle --
CHICAGO, Oct. 28 /PRNewswire/ -- ProLogis (NYSE: PLD), the leading global provider of distribution facilities, announced today it signed a fourth-quarter build-to-suit expansion agreement for 337,000 square feet with Bay Valley Foods, a leading provider of private label food products.
Bay Valley Foods already occupies a 620,000-square-foot, LEED Silver certified facility at ProLogis Park Rochelle, which ProLogis developed for the customer in 2008. This new development will be an expansion to Bay Valley Foods' existing building, and will be used as additional warehouse and distribution space for a wide assortment of the company's products. In addition, the facility will be used for packaging and labeling canned soup products.
"As we continue to see signs of stabilization and improvement in the industrial real estate market, developments such as this one enable us to meet our customers' needs for modern distribution space while monetizing our land bank," said Larry Harmsen, ProLogis president of the United States and Canada. "We are very pleased to continue our relationship with Bay Valley Foods and are thrilled to see that its business has flourished in Rochelle."
Utilizing 13.8 acres of ProLogis' land bank, this building extension in Rochelle has a total expected investment of $11.6 million.
ProLogis Park Rochelle is a 300-acre business park located at the intersection of Interstate 88 and Interstate 39, west of Chicago. Currently comprising two buildings and 1.2 million square feet, the park has the capacity to support approximately four million square feet and 10 distribution facilities at full build out. Other customers at ProLogis Park Rochelle include Del Monte and Clark Cincinnati.
ProLogis is the leading provider of industrial space in the Chicago metro area, with a platform of approximately 25.2 million square feet. Additional ProLogis customers in this market include Anixter, APL Logistics, Kellogg Company, Kraft Foods, Kuehne + Nagel, Sanyo Logistics and UPS Supply Chain Services.
ProLogis is the leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to http://www.prologis.com.
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Released October 28, 2010