ProLogis Leases 246,000 Square Feet in Portland to CNH Parts & Service
- The Second-Quarter Lease For Newly Developed Distribution Space Brings 500,000-Square-Foot Distribution Park to Full Occupancy -
PORTLAND, Ore., July 23 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today that it signed a lease agreement during the second quarter of 2009 for 246,000 square feet of recently completed distribution space in Portland, Oregon, to CNH Parts & Service, the product support business of agricultural and construction equipment maker CNH Global N.V.
CNH will occupy space at ProLogis Park PDX, which is located near the intersection of Interstate 84 and Northeast 148th Avenue, approximately two-and-a-half miles east of Portland International Airport. This transaction brings the newly developed, 500,000-square-foot distribution park to full occupancy.
"This particular site was chosen for its proximity to the Portland International Airport and port facilities, as well as its access to the major interstate highways in the region," according to Keith Shadrick, senior director, North America Depot Operations for CNH Parts & Service. "Once operational, the new Portland distribution facility will be a key logistics and transportation hub within our network and our new gateway to the Pacific Northwest market."
CNH will use the space to distribute replacement parts and serve more than 130 New Holland, Case IH and Case Construction equipment dealerships in the Pacific Northwest. This transaction is the second lease between ProLogis and CNH; the customer occupies more than 90,000 square feet at ProLogis Park Daventry in the United Kingdom.
"This is the largest lease agreement for ProLogis in the Portland area this year, and the single largest lease transaction in the Portland market in 2009," said Alex Vulic, vice president and market officer in Portland for ProLogis. "We are pleased to provide CNH with a well-located, state-of-the-art distribution center."
CNH will occupy Building 4 at ProLogis Park PDX, which was built according to standards set in place by the United States Green Building Council (USGBC) for LEED certification, and is registered to be certified LEED Gold. The facility incorporates a number of green design features such as skylights and vision panels that increase natural daylight while decreasing electricity usage, as well as low-VOC rated paints, carpets and other materials to minimize the impact on air quality. Directly served by TriMet, Portland's public transportation network, the facility offers CNH employees the opportunity to utilize public transportation when traveling to and from work.
The building is also host to a 518-kilowatt solar installation owned by Portland General Electric, which leases approximately 150,000 square feet of roof space from ProLogis and is part of a 1.1-megawatt project that is currently the largest solar installation in the Pacific Northwest.
ProLogis is the largest provider of distribution space in Portland with 3.7 million square feet of distribution space. With this transaction, ProLogis' portfolio in the market is 92 percent leased. Additional ProLogis customers in the Portland area include LaCrosse Footwear, DHL, Bunzl, PETCO, Menlo Logistics and CEVA Logistics.
About ProLogis
ProLogis is a 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 4,500 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.
SOURCE ProLogis
Released July 23, 2009