ProLogis Leases More Than 500,000 Square Feet of Space to Customers in Dallas
DENVER, July 31 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased more than 500,000 square feet of distribution space to two customers in Dallas.
ServiceCraft Logistics, a California-based provider of third-party logistics services, has leased 420,000 square feet at ProLogis Park 20/35 in Lancaster, Texas, approximately 15 miles south of downtown Dallas. ServiceCraft, which also leases more than 173,000 square feet from ProLogis in southern California, will use the space as a regional warehouse and distribution center.
In the second transaction, Audio Visual Services Group, a California-based audiovisual and staging services provider, has leased 82,000 square feet at ProLogis' Freeport Corporate Center in Coppell, Texas. The company will use the space as its new regional office and primary distribution center, serving the entire central region of the U.S.
"We're extremely pleased to announce these new agreements with ServiceCraft and Audio Visual Services Group," said Steve Meyer, ProLogis managing director and regional head of capital deployment. "These transactions reflect the persistent strength we're seeing in the Dallas industrial market, where demand for high-quality, well-located facilities remains healthy, driven in part by companies serving cross-border operations in Mexico. At the same time, new construction continues to be disciplined, at about 2 percent of the competitive inventory base."
ProLogis is the largest provider of industrial space in north Texas, with a total platform of more than 22 million square feet owned, managed or under development. The company also has land positions available to support 6 million square feet of additional development.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 105 markets across North America, Europe and Asia. The company has $29.9 billion of assets owned, managed and under development, comprising 446.9 million square feet (41.5 million square meters) in 2,523 properties as of June 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.
Released July 31, 2007