Prologis Inks 382,000 Sq. Ft. Logistics Center Lease 8 Months Ahead

July 24, 2011 / Elizabeth Buckley, Commercial Property Analyst

Industrial real estate operator and developer Prologis, Inc. has signed a lease last week with a global third-party logistics provider for approximately 382,000 square feet (35,490 square meters) of its Chengdu Airport Logistics Center.

Prologis Inks 382,000 Sq. Ft. Logistics Center Lease 8 Months Ahead

The lease was inked eight months prior to the set schedule, and while the project is currently under construction. The second phase of Chengdu Airport Project is 100 percent pre-leased.

Prologis previously signed four new lease agreements in the second quarter, which totaled approximately 723,000 square feet (67,350 square meters), in three facilities in its Japan development portfolio.

Mike Yamada, president of Prologis Japan, said then on the four leases: “Our facilities represent some of the most modern and soundly constructed buildings available, incorporating numerous sustainable features and seismic resistance technology. Now more than ever, customers recognize the value of these features to their business continuity.”

Chengdu, the capital of Sichuan Province, is the major transportation hub serving western China. The customer will occupy phase two of the project, comprising two buildings, which will be completed by December 2011 and April 2012.

Gary Anderson, chief executive officer for Europe and Asia of the California-based real estate company, said: “We broke ground on phase one of this project in April 2011 and on phase two of this project in July 2011 and are already fully leased, indicating that there is significant demand for Class A logistics facilities in western China.

“A wide range of manufacturing and retail customers need space to service a rapidly growing consumer market. The park is ideally located for regional distribution and we are pleased to welcome this global customer to our project in Chengdu.”

Prologis Chengdu Airport Logistics Center is adjacent to the Chengdu International Airport and near the city center. It provides easy access to key transportation networks.

The project represents a key market in Prologis’ China portfolio, which as of March 31 totaled approximately 6.4 million square feet (594,560 square meters) of distribution space, completed or under development across the Americas, Europe and Asia.

S&P 500 member Prologis has over $44 billion in real estate assets under management and operates in 22 countries.

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