"These are two really important customer relationships for us," says Jeremy Giles, senior VP/regional director of Southeast operations for ProLogis. He tells GlobeSt.com that the tenants validate the attractive location of the building, which was finished in late 2007, and the park, which is a master-planned project currently consisting of two buildings. "In total the park is 60% leased, which is in line with where we thought it would be at this point in the development cycle."

The first building at the site is 860,464 sf and is 55% occupied with 391,232 sf available. Three more buildings are expected at Park DeSoto, which will eventually total 2.3 million sf. Giles says ProLogis is watching market conditions closely to determine a definitive time when the other development will begin, but adds that the company can move quickly when the time comes. He says the park's location in the Olive Branch submarket is perfect for companies seeking to distribute to the south and middle of the US: "You get very good economics in Mississippi and can also service the local Memphis market."

Menlo Worldwide Logistics, a subsidiary of Con-Way Inc., plans to use the space at ProLogis Park DeSoto as a warehouse and logistics management center for one of its customers' goods, according to a Menlo spokesperson who would not disclose the name of the client. Atlanta-based GE Energy, which works with coal, oil, natural gas, renewable resources, alternative fuels and nuclear energy, could not be reached for comment about its use of the 60,000-sf space.

In related news, Menlo recently extended a 256,700-sf lease at IDI's Shawnee Ridge business park in Atlanta for five years. The company has occupied the space since 1995 and uses the facility to provide a variety of warehousing, inventory management and product distribution services for commercial and industrial business customers.