Charlie Hargis, ProLogis' local vice president and market officer says the medium-term deal is a relocation for Millennium Distribution. The company is relocating from another ProLogis-owned property to Eisenhauer 35's building 7 at 4940 Eisenhauer Rd.

"They moved up in class as well," Hargis remarks. "The building they're moving from is a little older." The space in which Millennium Distribution currently does business at 5713 Business Park is 32,000 square feet. Hargis says the company would like to be in its new space and operational by Jan. 1.

Hargis acknowledges that lease-up of building 7 took somewhat longer than lease-up of buildings 5 and 6, all three of which ProLogis developed. The first five buildings were already vertical when ProLogis acquired the asset.

"Building 7 was completed right at the time of the global market crash," Hargis explains. "We didn't meet our proforma in the timeline allotted. But I think if you put it all together with the others, it will have met our goal." He goes on to say that ProLogis has no plans to sell the complex at this time.

Even better news, he continues, is that San Antonio seems to be weathering the economic situation quite well. The industrial market during Q3 showed a positive net absorption. "In our market, we feel that we probably have the brightest light at the end of the tunnel," Hargis remarks. "We have great fundamentals and we're not overbuilt."