ProLogis Leases More Than 612,000 Square Feet in Atlanta to LG Electronics
DENVER, July 30 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased more than 612,000 square feet of distribution space outside Atlanta to LG Electronics, USA Inc., the North American subsidiary of the global consumer electronics, appliances and mobile communications company.
LG has leased the space at ProLogis Park Greenwood, a master-planned industrial park located in Henry County, Ga., approximately 25 miles southeast of Atlanta's central business district. The company will use the building to distribute consumer electronics and home appliance products to customers throughout the southeastern United States.
LG Electronics now occupies more than 2 million square feet at ProLogis facilities in multiple locations in North America. In February, LG leased a 750,000-square-foot warehouse from ProLogis in New Jersey, which serves as the company's primary northeast distribution center.
"ProLogis is a trusted provider of distribution space for LG in key markets throughout the United States, and we're pleased to now be working with them in Atlanta," said Jim Mason, director of national distribution for LG Electronics. "Our new, strategically located distribution facility gives us the space we need to accommodate the growth of our business while providing us with a significant advantage in terms of logistics efficiency."
"LG Electronics is an archetypal customer for ProLogis -- a global leader in its industry with large-scale needs for distribution space and a strong strategic focus on supply chain management," said Richard Strader, senior vice president and regional director of capital deployment for ProLogis. "We're extremely pleased to be expanding our relationship with LG through this new agreement, which is one of the largest industrial transactions in the Atlanta market over the past year, and look forward to serving as their southeast distribution facilities provider."
Paul Loosmann, senior vice president and regional director of operations for ProLogis, noted that the company is uniquely well positioned to serve customers like LG that have distribution requirements in multiple locations around the world. "The strength of our global platform and our continued emphasis on value and service consistently translate into repeat opportunities to serve our customers," Loosmann said.
ProLogis Park Greenwood is located along Interstate 75, approximately 20 miles south of Atlanta's Hartsfield-Jackson International Airport. The park provides convenient access to Highway 155, I-85 and the Florida Turnpike, and is less than five hours from the Port of Jacksonville. The park currently consists of two distribution centers; the first, totaling 1.25 million square feet, is fully leased to Home Depot. LG Electronics leases space in the second facility, which is expandable by 484,000 square feet. At full build-out the park will comprise seven distribution centers totaling more than 3.9 million square feet of space.
ProLogis is the leading provider of industrial facilities in Atlanta, with more than 18 million square feet of industrial space owned, managed or under development. The company also holds more than 700 acres in land positions in Jackson, Henry and Hall Counties that can accommodate more than 9 million square feet of new development.
LG was represented by Seth Kelly, Wit Truitt and Chip Watson with CB Richard Ellis. Kelly is also part of CBRE's Global Supply Chain Group, which has assisted LG in multiple markets across the country.
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 30, 2007