ProLogis Leases 498,000 Square Feet in Southern California
- New Lease Agreement with Continental Tire North America, Inc. in the Inland Empire Brings Recently Developed Distribution Park to 88 Percent Occupancy -
REDLANDS, Calif., July 20 /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 498,000 square feet of recently completed distribution space to Continental Tire North America, Inc (CTNA), a business of Continental AG, one of the top automotive suppliers worldwide.
CTNA will occupy the space in Southern California at ProLogis Park Redlands in a recently constructed, 600,000-square-foot facility. The park comprises seven buildings for a total of 3.1 million square feet. CTNA will use the space to store and distribute tires to its customers throughout the region.
"Due to its proximity to Interstates 10, 210 and 215 and access to the San Bernardino International Airport, this park has been a popular choice with our customers," said Pat Cavanagh, senior vice president and market officer for ProLogis. "We are pleased to provide our new customer with high-quality, modern distribution space to meet its supply chain needs. With this transaction, the park is now 88 percent leased."
ProLogis owns and manages the largest industrial portfolio in Southern California, with approximately 45 million square feet of distribution space. Additional customers in the area include Amcor, American Honda, APL Logistics, Anixter, Inc., Aveda, Black & Decker, Exel Logistics, Expeditors International, FedEx, Home Depot, Jack in the Box, Kraft Foods, LG Electronics, Nike, NYK Logistics, Spicers Paper and Unilever.
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.
Released July 20, 2009