APL Logistics Re-Ups 343,200-SF Industrial

Dealmakers aren't discussing the renewal, but insiders say APL Logistics definitely had shopped around before renewing 510 W. Trinity Blvd., part of its build-to-suit campus developed in 1999. Denver-based ProLogis is the property owner so its global contract with APL's parent, NOL Group, a publicly traded, Japan-based transportation guru, carried some weight in the final cut as did its mass of industrial space in the Catellus Development Corp.-built Stellar Way Business Park, a name that fell by the wayside after the developer merged with ProLogis.

APL Logistics occupies two of the park's five buildings, now bed down at 100% occupancy or close to it. It reportedly has another five years left on its lease for the larger building at 610 W. Trinity Blvd. And if the street's got the entire story right, ProLogis is ready to develop a 400,000-sf to 500,000-sf spec building on the park's last 35 acres. Word is ground could break in third or fourth quarter.

APL Logistics' CB Richard Ellis team consisted of Dave Anderson, executive vice president in Dallas, and Catherine Thomsen, a corporate services' associate in Bellevue, WA. On ProLogis' side of the table, Joe Rudd, marketing representative in Dallas/Fort Worth, teamed with Steve Bryan in Denver, the owner's global account officer for NOL Group, which leases more than four million sf worldwide in ProLogis properties.