ProLogis Leases 800,000 Square Feet to Kraft Foods in Chicago
DENVER, June 5 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased an 800,000-square-foot industrial warehouse in suburban Chicago to Kraft Foods Global, Inc.
Total Logistics Control, Inc., a third-party distribution services provider, will operate the facility for Kraft. Located at ProLogis Park 80, a master-planned industrial park under development approximately 50 miles southwest of Chicago in the city of Morris, Illinois, the new facility will serve as a primary distribution center for Kraft's Nabisco-brand crackers and cookies, serving food retail outlets throughout the United States. Kraft currently leases more than 2.3 million square feet from ProLogis at locations throughout North America.
"This transaction underscores the long-term potential of the I-80 submarket as a location for regional and national bulk distribution," said Doug Kiersey, ProLogis senior vice president and regional director of capital deployment. "We've established a substantial portfolio of land in this area and have worked to ensure we have inventory available to capture large-scale opportunities as they arise. This strategy has paid real dividends for the company, allowing us to deliver more than 2 million square feet to high-quality customers over the past two years. We're extremely pleased to be working again with Kraft, one of the world's great companies, and look forward to serving as their facilities provider at their new location."
"ProLogis has consistently delivered the highest levels of quality and customer service over the course of its longstanding relationship with Kraft," said Rick Coughlin, Director of Logistics Operations at Kraft Foods. "Our new distribution facility at ProLogis Park 80 will substantially increase the efficiency of distribution for our Nabisco line of products and enhance our ability to serve our national customer base. We look forward to occupying the new facility and realizing the operational benefits it will deliver across our North American supply chain."
ProLogis Park 80 is located less than one mile from the I-80 interchange, the state's primary east-west corridor, and approximately 13 miles from I-55, a major north-south artery. The park is designed to accommodate distribution buildings ranging in size from 250,000 to over 1.2 million square feet.
ProLogis is one of Chicago's largest providers of distribution space, with more than 22 million square feet owned, managed or under development. Customers in Chicago include Anixter International; Clorox; Corporate Express; Gillette; Kellogg's USA; Konica Minolta; Kuehne + Nagel; and UPS.
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.
About Kraft Foods
Kraft Foods (NYSE: KFT) is one of the world's largest food and beverage companies, with annual revenues of more than $34 billion. For over 100 years, Kraft has offered consumers delicious and wholesome foods that fit the way they live. Kraft markets a broad portfolio of iconic brands in 155 countries, including seven brands with revenue of more than $1 billion, such as Kraft cheeses, dinners and dressings; Oscar Mayer meats; Philadelphia cream cheese; Post cereals; Nabisco cookies and crackers; Jacobs coffees and Milka chocolates. Kraft became a fully independent company on March 30, 2007, and is listed in the Standard & Poor's 100 and 500 indexes. The company is a member of the Dow Jones Sustainability Index and the Ethibel Sustainability Index. For more information, visit the company's website at http://www.kraft.com.
Released June 5, 2007