That is less than the $39.50 per share closing price of ProLogis on Wednesday. The 45-page registration statement lists the proposed maximum aggregate offering price at $40 million. To put that in perspective, ProLogis has a market cap of about $7.5 billion.

The document obtained by GlobeSt.com notes that the "selling shareholders may offer their common shares through public or private transactions, on or off of the New York Stock Exchange, at prevailing market prices, or at privately negotiated prices." Shares are listed on the New York Stock Exchange under the symbol PLD.

The common shares being offered were acquired upon the redemption of their units of limited partnership interest in ProLogis Fraser LP, according to SEC documents. The selling shareholders received their units in ProLogis Fraser LP in exchange for units of limited partnership interest in Keystone Operating Partnership LP and Keystone Property Trust. One of the listed selling shareholders was Jeffrey E. Kelter of Glen Cove, NY, who was the former trustee, president and chief executive officer of Keystone Property Trust. Kelter has 147,972 shares to sell. Another selling shareholder is Robert F. Savage of New York City, the former executive vice president and chief operating officer of Keystone Property Trust. Savage is offering 15,773 shares.

The largest selling shareholder is Michael G. Browning of Indianapolis-based Browning Investments with 347,629 shares. The second largest selling shareholder is the Northeastern Industrial Park Inc. of Schenectady, NY with 309,372 shares.