The lease fills up Redlands and drops vacancy in its 6.1million-sf Inland Empire market to 3%. The announcement did notgive the lease terms, however; GlobeSt.com did report the leaseterms for the logistics tenant, Weber Distribution, which inOctober signed a 10-year lease valued at $25.7 million. That dealworks out to $4.55 per sf per year and $0.38 per sf per month,which is well below AMB's average annual base rent in SouthernCalifornia at the end of 2007, which was $6.53 or $0.54 per sf permonth, according to SEC filings.

Completed in 2006, AMB Redlands covers 60 acres at SanBernardino Avenue and California Street in the Inland Empire Eastsubmarket. It has a 30-foot clear height, 244 cross-dock doors andparking for 394 vehicles. Sustainable design elements include wasteand water conservation systems and energy-efficient lightingfixtures.

As of the end of the year, AMB held a 57% interest in 17.5million sf in Southern California that was 96.5% leased. In 2007,the portfolio saw 4.9% same-store NOI growth and trailingfour-quarter rent growth on rollovers and renewals was 10.2%.

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