Prologis Leases New Jersey Project - Analyst Blog
12 Dicembre 2012 - 1:30PM
Zacks
Prologis Inc.
(PLD), a leading industrial real estate investment trust (REIT),
has recently signed two new lease agreements spanning about 740,000
square feet of development space in New Jersey. The deals were
penned with unnamed companies for an undisclosed amount.
In concurrence with the agreements, Prologis would lease 395,000
square feet to a wholesale packaging distributor and about 345,000
square feet to an e-commerce food retailer. At the same time, the
company would develop an additional 140,000 square feet of
speculative space at the leased property, which involves a former
waste disposal site.
Prologis had earlier acquired the 50-acre site in 2008. Since then,
the company has diligently worked with the U.S. Environmental
Protection Agency and the New Jersey Department of Environmental
Protection to implement a comprehensive development plan. This
envisages a permanent capping and closure of the landfill and
returning the site to productive use. On completion, the property
would feature a LEED-certified, 880,000 square-foot logistics
facility, while the reaming space would be returned to greenery.
Besides its environment-friendly features, the leased property
titled Pulaski Distribution Center is strategically located in
close proximity to the Port of New York/ New Jersey and in the
vicinity of the New York City. Consequently, the development
project offers significant locational advantage to the lessees, and
brings on board a Class-A facility in one of the most dynamic and
land-constrained infill areas in the U.S.
With improving property values and growing institutional demand for
quality properties, Prologis has also witnessed a growing customer
interest in new build-to-suit development projects across the
globe. Additionally, leasing decisions that were earlier postponed
due to volatility in the markets are gradually coming off the
shelf. As of September 30, 2012, Prologis had approximately 22
million square feet of logistics and distribution space within the
New York/New Jersey market.
Prologis acquires, develops, operates and manages industrial real
estate space in North America, Asia and Europe. The industrial
distribution warehouse space of the company is located in some of
the busiest distribution markets across the globe. The properties
of the company are typically located in large, supply-constrained
infill markets in close proximity to airports, seaports, and ground
transportation facilities, all of which enable rapid distribution
of customers’ products. This has enabled the company to gain a
significant pricing advantage over its competitors.
We currently have a Neutral recommendation and a Zacks #3 Rank for
Prologis, which translates into a short-term Hold rating. We also
have a Neutral recommendation and a Zacks #3 Rank for
Winthrop Realty Trust (FUR), one of the peers of
Prologis.
WINTHROP REALTY (FUR): Free Stock Analysis Report
PROLOGIS INC (PLD): Free Stock Analysis Report
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