Prologis Signs Two Build-to-Suit Agreements with BMW of North America Totaling 609,000 Square Feet
SAN FRANCISCO, Feb. 13, 2013 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today announced it has signed two build-to-suit agreements with BMW of North America, LLC totaling 609,000 square feet.
The first development -- totaling 326,500 square feet – will be located in Redlands, Calif., in the state's Inland Empire submarket at Prologis Redlands Distribution Center 11. The LEED Silver certified facility will provide an expansion option for an additional 96,000 square feet, increasing the prospective logistics space to 422,500 square feet.
The second facility will be located in the Dallas market at Prologis Park 20/35. The fully-secured, LEED Silver certified, state-of-the-art building will total 282,000 square feet and have expansion capabilities to 370,000 square feet. At full build-out, the park will include more than 3.1 million square feet of logistics space.
In addition to the two build-to-suit agreements, Prologis has agreed to acquire a 204,000 square foot distribution facility from BMW of North America in Ontario, Calif. The building is in a highly-desirable part of the Inland Empire West submarket and Prologis expects strong customer interest in the property.
"These new agreements demonstrate the power of our strong global customer relationships and increase BMW's portfolio with Prologis to more than 2.2 million square feet in five markets, all of which have been build-to-suits," said Richard Strader, senior vice president, Global Customer Solutions, Prologis. "We are pleased to support the continued success of BMW and look forward to adding these new buildings to our global platform."
Prologis, Inc. is the leading global provider and operator of logistics infrastructure, focused on global and regional markets across the Americas, Europe and Asia. As of Dec. 31, 2012, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 554 million square feet (51.5 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
SOURCE Prologis, Inc.