"These are two really important customer relationships for us,"says Jeremy Giles, senior VP/regional director of Southeastoperations for ProLogis. He tells GlobeSt.com that the tenantsvalidate the attractive location of the building, which wasfinished in late 2007, and the park, which is a master-plannedproject currently consisting of two buildings. "In total the parkis 60% leased, which is in line with where we thought it would beat this point in the development cycle."


The first building at the site is 860,464 sf and is 55% occupiedwith 391,232 sf available. Three more buildings are expected atPark DeSoto, which will eventually total 2.3 million sf. Giles saysProLogis is watching market conditions closely to determine adefinitive time when the other development will begin, but addsthat the company can move quickly when the time comes. He says thepark's location in the Olive Branch submarket is perfect forcompanies seeking to distribute to the south and middle of the US:"You get very good economics in Mississippi and can also servicethe local Memphis market."


Menlo Worldwide Logistics, a subsidiary of Con-Way Inc., plansto use the space at ProLogis Park DeSoto as a warehouse andlogistics management center for one of its customers' goods,according to a Menlo spokesperson who would not disclose the nameof the client. Atlanta-based GE Energy, which works with coal, oil,natural gas, renewable resources, alternative fuels and nuclearenergy, could not be reached for comment about its use of the60,000-sf space.


In related news, Menlo recently extended a 256,700-sf lease atIDI's Shawnee Ridge business park in Atlanta for five years. Thecompany has occupied the space since 1995 and uses the facility toprovide a variety of warehousing, inventory management and productdistribution services for commercial and industrial businesscustomers.

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