AMB Property Corporation Pre-Leases 183,000 SF In New Jersey Developments
AMB Property Corporation , a leading global developer and owner of industrial real estate, recently announced it has pre-leased an aggregated 183,000 square feet at two brownfield developments and one redevelopment project in northern New Jersey. AMB has leased to logistics customers, including Target Logistics -- an international logistics provider and freight forwarder, and a multi-market customer of AMB.
"We're able to meet continued customer demand in northern New Jersey, one of the most dynamic and land constrained infill areas in the U.S., by identifying strategically located properties, applying our brownfield development and redevelopment expertise, and bringing Class A facilities to market," said Gene Reilly, AMB's president, the Americas. "Port Newark/Elizabeth and Newark Liberty International Airport are essential links in the global supply chain. The locations of our facilities make them attractive to customers requiring rapid access to major modes of transportation and the dense population base in the northeastern U.S."
Consistent with AMB's sustainable initiatives, materials from the prior structures at AMB Liberty Logistics Center were reused in the new facility. AMB Portview Commerce Center, a joint venture project with Portview Properties, LLC, incorporates energy efficient features including clerestory windows for natural lighting and a heat-reflective roof.
The three development projects, including AMB Highway 17, are proximate to Newark Liberty International Airport and Port Newark/Elizabeth, the leading East Coast seaport by volume, and provide rapid access to all tunnels and bridges into Manhattan.
As of March 31, 2008, AMB's portfolio in Northern New Jersey totaled approximately 12.7 million square feet of operating and development facilities.
About AMB Property Corporation.
AMB Property Corporation is a leading global developer and owner of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of March 31, 2008, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 150.2 million square feet (14.0 million square meters) in 45 markets within 14 countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput Distribution facilities -- industrial properties built for speed and located near airports, seaports and ground transportation systems.
SOURCE: AMB Property Corporation