ProLogis Expands Industrial Platform in Southern California's Inland Empire
- Two Distribution Facilities Totaling 855,000 Square Feet Acquired in Ontario -
- Company Leases More Than 700,000 Square Feet to Fortune 500 Customer in Redlands -
DENVER, April 4 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has acquired two distribution centers totaling 855,000 square feet in Southern California's Inland Empire.
The adjacent facilities are located along Interstate 60 in the city of Ontario. The first, built in 2001, totals 741,500 square feet. The second was built in 2005 and totals 113,400 square feet. Both are 100 percent leased under long-term customer agreements.
"The Inland Empire remains one of North America's most vital distribution markets, characterized by solid demand and an increasingly scarce supply of land and bulk warehouse space, particularly in the western submarket," said Pat Cavanagh, ProLogis senior vice president and regional director of capital deployment. "Combined with ongoing new development, strategic acquisitions remain a key part of our expansion strategy here, helping us to build our platform and extend relationships with customers. We're very pleased to announce this latest transaction and look forward to integrating our new properties into our overall Inland Empire portfolio."
Also today, ProLogis announced that it has leased a recently acquired, 700,000-square-foot distribution center in the city of Redlands to a Fortune 500 company with distribution requirements on the West Coast. The building, purchased by the company in the third quarter of 2006, is located at ProLogis Park Redlands, a 1.8 million-square-foot distribution park east of Ontario International Airport.
"We're extremely pleased to have signed this new, multi-year agreement with a high-quality customer," said Michael Del Santo, ProLogis market officer and first vice president of capital deployment. "The acquired building is a strong addition to our portfolio, and this lease transaction underscores the continued strong market dynamics we are experiencing in the region."
ProLogis is the largest owner of industrial distribution space in the Inland Empire, with 73 facilities totaling more than 27 million square feet operational or under development. Customers in the region include APL Logistics, Ashley Furniture, Big Lots, Black & Decker, Broyhill Furniture, Burlington Coat Factory, CKE Restaurants, Clorox, Exel Logistics, Gillette, Ford Motor Co., LG Electronics, Skechers, Simpson Manufacturing, Solo Cup, Unilever, Volkswagen, and Wal-Mart.
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 80 markets across North America, Europe and Asia. The company has $26.7 billion of assets owned, managed and under development, comprising 422 million square feet (39.2 million square meters) in 2,466 properties as of December 31, 2006. 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 1,250 people worldwide.
Released April 4, 2007