ProLogis Leases More Than 600,000 Square Feet to National Home Merchandise Retailer in Suburban Baltimore
WASHINGTON, July 17 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, today announced that it has leased more than 600,000 square feet of distribution space in suburban Baltimore to a national retailer of home improvement merchandise.
The retailer has leased 100 percent of the space in a distribution facility located at ProLogis Park Edgewood, located off Interstate 95 in Harford County approximately 25 miles north of downtown Baltimore. The customer will use the warehouse as a logistics facility serving the eastern U.S.
ProLogis acquired the property, which included the building and 175 acres of land, in late 2005. The company subsequently undertook a multi-million-dollar renovation at the site that included additional dock doors, an expanded truck court, ESFR sprinkler conversion and installation of energy-efficient lighting. The project was completed in late 2006.
"We're extremely pleased to announce this lease agreement, one of the largest ever for the Baltimore market," said Michael Nachamkin, ProLogis senior vice president and regional head of capital deployment. "The transaction highlights the attractiveness of this property as a logistics site for customers with large-scale distribution needs on the East Coast. We look forward to serving our customer at their new location and to expanding our portfolio here through continued new development."
ProLogis Park Edgewood is located in Edgewood, Md., and offers easy access to Interstate 95, the Port of Baltimore and Baltimore/Washington International Airport. At full build-out the park will accommodate four buildings comprising more than 1.45 million square feet of distribution space.
ProLogis is currently one of the largest industrial owners in the Baltimore/Washington D.C. area with more than 6.8 million square feet of industrial space owned, managed or under development.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 103 markets across North America, Europe and Asia. The company has $28.6 billion of assets owned, managed and under development, comprising 436.9 million square feet (40.6 million square meters) in 2,525 properties as of March 31, 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 July 17, 2007