Prologis also revealed a 44,000-square-foot lease at Patterson Pass Business Park in Tracy, CA. The tenant is Complete Logistics Co., a third-party logistics provider inking its first deal with Prologis. The firm will use the space to support its warehouse, distribution and fleet operations in Northern California. Patterson Pass is a master-planned distribution park comprising 11 buildings and approximately 1.6 million square feet.
The terms of the leases were not provided by the parties involved and not otherwise immediately available. Prologis is one of the largest providers of industrial space in central California with 25 facilities totaling approximately eight million square feet. Other Prologis customers in the region include Crate and Barrel, Sears, Kraft Foods, Jack in the Box, Kuehne Nagel, Ford Motor Co. and Bunzl.
ProLogis reported a third quarter tenant-retention rate of 82.8%, up from 70% in the first quarter and 76% in the second quarter. It also reported that same store rental income increased approximately 4% while rental expenses increased nearly 11%.
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