(To read more on the industrial market, click here.)

SAN FRANCISCO-AMB Property Corp. this week announced $143 million in new deals. The investments include new development in Atlanta, Chicago and Shanghai and new acquisitions Baltimore, Miami, New Jersey and Seattle and are in addition to $229 million in previously announced first quarter deals.

In the largest of the new acquisitions, AMB strengthened its position as the dominant industrial landlord around Atlanta's Hartsfield-Jackson International Airport by acquiring a 438,200-sf in the submarket for $30 million. The facility is now called AMB Southridge Park.

In New Brunswick, NJ, AMB acquired a 298,000-sf 14-building park for $26.5 million. The property, now called AMB Generation Industrial Park, is located off Exit 9 from the New Jersey Turnpike. AMB owns approximately 10 million sf in the Northern New Jersey-New York market. AMB also expanded its presence in Seattle to 8 million sf by acquiring the 327,000-sf Upland Distribution Center for $21 million. The four-building property is located in the North Kent Valley submarket.

Near the Baltimore/Washington International Thurgood Marshall Airport, AMB paid $11.4 million for the fully-leased, 233,600-sf Granite Hill Distribution Center. The acquisition takes AMB's regional portfolio to 3 million sf. In Miami, AMB acquired the 280,700-sf Blackfin Distribution Center in the Miami North Dade/Hialeah submarket for $17.2 million. AMB owns and operates approximately 6 million sf in the Miami metropolitan area.

On the development side, AMB broke ground for its first development in China. The 185,500-sf building at Jiuting Distribution Center in Shanghai, will cost $5 million. AMB already owns about 151,700 sf at the center.

In Chicago, AMB broke ground for its Prospect Distribution facility, a 228,600-sf, two-building build-to-suit near O'Hare Airport that is fully pre-leased to transportation and logistics company BAX Global, one of AMB's 10 largest customers. The $26.2-million development takes AMB's Chicago portfolio to 14.3 million sf.

AMB also is developing a fully preleased building at its Horizon Creek property in Atlanta. The 88,400-sf distribution facility will cost $5.9 million to develop. Horizon Creek will include three buildings totaling 482,400 sf when the building is complete.

In February, AMB announced another $236 million in international development deals that are expected to result in 3 million sf of development. For that story, click here.

Instant Insights /

AMB Closes Acquisition, Development Deals Totaling $143M

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