Real estate company Prologis, Inc. (NYSE: PLD), has 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.
“The natural disasters we experienced in March have underscored the need in our markets for high-quality distribution space,” said Mike Yamada, president of Prologis Japan.
“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.”
Meanwhile, the real estate company will host its Second Quarter 2011 Financial Results Webcast and Conference Call with senior management to discuss quarterly results, current market conditions and future outlook on July 28, 2011 at 10:00 AM Eastern and 7:00 AM Pacific Time.
Second-quarter leasing activity in Prologis’ Japan development portfolio includes 325,900 square feet (30,420 square meters) leased to a leading third-party logistics provider. The customer will occupy space at Prologis Park Kawajima, a 1.55-million-square-foot (144,000 square meters) distribution facility currently under construction in Tokyo. The customer will take occupancy upon completion of the facility at the end of this month. With this transaction the facility is now 40 percent pre-leased.
Prologis has further leased 328,000 square feet (30,480 square meters) to Nippon Access, a major 3PL specializing in food products, and Nippon Express, the largest 3PL in Japan. These customers will occupy the space at Prologis Park Iwanuma 1, located in Sendai. With these two leases, the facility is now fully leased.
In addition, a 69,500 square feet (6,450 square meters) was leased to TL Logicom. This 3PL customer will occupy the space at Prologis Park Maishima 3, located in Osaka, bringing the facility to 92 percent occupancy.
The real estate company provides distribution space in Japan, with approximately 23.2 million square feet (2.1 million square meters) completed and under development, as well as 80 acres (32 hectares) of land available for future development. Other Prologis customers in Japan include Panasonic Logistics, Kirin Logistics, Sagawa Global Logistics, Caterpillar Logistics Services, Inc., Yamato Logistics, Hitachi Transport System and Costco.
Prologis focuses on global and regional markets across the Americas, Europe and Asia.
As of March 31, 2011, on a pro forma basis giving effect to the merger, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total more than 600 million square feet (55.7 million square meters) in 22 countries.
The real estate company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.