ProLogis Leases 125,000 Square Feet in Mexico to GE Commercial Materials
MONTERREY, Mexico, Dec. 5 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased 125,000 square feet of industrial space in Monterrey, Mexico, to GE Commercial Materials, a unit of General Electric (GE), a leading technology, media and financial services company.
The company has leased the space at ProLogis Park Apodaca; a 250-acre master-planned industrial park located less than three miles from General Mariano Escobedo International Airport, the primary airport for Monterrey and one of the largest in Mexico. GE, which also leases 252,000 square feet from ProLogis at Ojo de Agua Industrial Center in Monterrey, will use the new space to distribute lamps, fixtures and electrical distribution and control components to customers throughout Mexico.
GE companies currently lease more than 1.26 million square feet from ProLogis at locations throughout North America and Europe.
"Mexico has seen a tremendous increase in demand for Class A distribution space over the last few years," said Silvano Solis, senior vice president and regional director for ProLogis in Mexico. "Our portfolio of high-quality industrial product is well positioned to serve customers with transnational supply chains as well as those with in-country distribution requirements. We look forward to working with GE at ProLogis Park Apodaca, a strategic location for distribution within the burgeoning Monterrey industrial market."
ProLogis Park Apodaca is located in the primary industrial corridor in Monterrey, and is designed to accommodate both light manufacturing and bulk distribution facilities. The park, which currently consists of two facilities totaling 313,000 square feet, will comprise 16 buildings totaling 3.4 million square feet at full build out. Earlier this year Hitachi Transport System, a global provider of third-party logistics services, leased 88,000 square feet at the park.
ProLogis is one of Mexico's largest providers of industrial distribution space, with a total platform comprising more than 13.8 million square feet concentrated around the markets of Mexico City, Guadalajara, Tijuana, Ciudad Juarez, Reynosa and Monterrey. The company also has land positions available to support an additional 10 million square feet of development. In addition to GE and Hitachi, other global customers in Mexico include Exel Logistics, Whirlpool, Celestica and Tyco Electronics.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 20 countries across North America, Europe and Asia. The company has $34.4 billion of assets owned, managed and under development, comprising 483.0 million square feet (44.9 million square meters) in 2,669 properties as of September 30, 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 1,300 people worldwide. For additional information about the company, go to http://www.prologis.com.
Released December 5, 2007