MCDONOUGH, GA-ProLogis, a Denver-based global distribution center developer, has won Georgia Foreign-Trade Zone status at its 577,000-sf park at Greenwood Industrial Parkway and GA 155 south. The recognition means park tenants may import merchandise without paying customs fees, according to trade zone officials.
The new status comes as ProLogis Park nears its 2006 scheduled completion date on a 678,000-sf expansion. Besides giving ProLogis Park tenants a bonus on imports, the foreign-trade zone status also gives the park additional leverage in attracting new tenants, area industrial brokers familiar with the submarket tell GlobeSt.com. The park is 15 miles south of Downtown Atlanta.
One of the newer tenants will be Atlanta-based Home Depot Inc. which has signed an estimated 10-year lease for a total one million sf at an estimated aggregate rent of $25 million, as GlobeSt.com previously reported. ProLogis confirms Home Depot is leasing 678,000 sf in the park's expansion phase and 330,000 sf of existing contiguous space at the park's Greenwood site.
ProLogis Park was one of seven Georgia locations approved as foreign-trade zones, area brokers familiar with the park's new status, tell GlobeSt.com. Trade zone officials say the park's Henry County location was cited for its easy access to Hartsfield-Jackson International Airport and to the state's ports. The county's reputation for attracting large distribution centers was also a factor in giving ProLogis the favored trade zone recognition. The developer has a portfolio of 217 million sf at 1,716 properties in 73 markets.
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