Specialized Leases 112,000 SF from ProLogis

This is the first lease agreement between ProLogis and Specialized. ProLogis SVP Brian Marsh tells GlobeSt.com the international manufacturer of high-end bicycle equipment is relocating from Rickenbacker International Airport and expanding by about 50,000 sf.

"Because of its location, ProLogis Capital Park South should prove to be an excellent hub for Specialized to serve its Eastern United States customers," says Marsh. "The distribution center is within a day's travel of over 400 Specialized dealers."

ProLogis Capital Park South is a nine-facility complex totaling more than 2.7 million sf of distribution space. Tenants include Office Depot and Nippon Express. Marsh says the existing buildings "are pretty well full." Indeed, ProLogis is currently developing a 750,000-sf distribution facility with about 410,000 sf of speculative space. Marsh declined to say who has committed to the rest of the space.

Specialized is taking 112,385 sf in Capital Park South Distribution Center #3, a 305,000 sf building with 40,000 sf available. Specialized's lease commitment expires on Feb. 16, 2010. The asking lease rate for the space was $2.95 per sf per year.

In January, ProLogis landed its first tenant at ProLogis Park Sharonville, a one-building distribution park near Cincinnati, which lies 100 miles southwest of Columbus. Pac Worldwide Corp., a manufacturer of packaging materials for the overnight shipping industry, signed on for 200,600 sf of a 482,000-sf building. The park is located off Exit 7 from I-275. Space at the park is being marketed at a blended net rate of $3.00 per sf per year.