2 Leases in a Row by Industrial Real Estate Firm

September 15, 2011 / Elizabeth Buckley, Commercial Property Analyst

Industrial real estate firm Prologis, Inc. (NYSE: PLD) has signed two leases totaling 410,200 square feet (38,100-square-meters) in Prologis Park Kawajima, a multi-story speculative development near Tokyo.

2 Leases in a Row by Industrial Real Estate Firm

This new 1.55-million-square-foot (144,000-square-meter) facility, which integrates seismic resistance technology, is now 70 percent leased at completion. This adds to Prologis’s lease in Brazil for 309,400 square feet (27,750 square meters) with a leading Brazilian retailer.

The first lease consists of 327,200 square feet (30,400 square meters) with one of Prologis’ largest global customers. The second lease includes an 83,000-square-foot (7,710-square-meter) expansion for Hitachi Collabonext Transport System Co., Ltd., a subsidiary of Hitachi Transport System, Ltd., a third-party logistics provider.

“Seeing significant demand for the remaining space in this facility makes us optimistic about the industrial real estate market in Japan,” said Mike Yamada, Prologis’ president for Japan.

“Our customers continue to require modern facilities, built to higher seismic standards. Prologis anticipated this need, and we have been able to immediately fulfill our customers’ requirements within our development portfolio.”

On the other hand, Prologis CCP Cajamar Industrial Park is expected to total approximately 2 million square feet (185,000 square meters) at full build-out. The project, a joint venture with Cyrela Commercial Properties (CCP), is located in the Cajamar submarket of Sao Paulo, with access to the Rodoanel Ring Road and central Sao Paulo. Other Prologis customers in Cajamar include Schneider and Penske.

“We are pleased to welcome this new customer to our portfolio in Brazil,” said Luis Gutierrez, Prologis’ president for Latin America.

“This lease marks more than 935,000 square feet of pre-leasing at our Cajamar Industrial Park, making this development now fully pre-leased. Customer demand for new Class-A product is at an all-time high, and we are developing logistics facilities to meet this demand while monetizing our land bank.”

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