Industrial

The board also authorized $2.05 billion to develop a new AirTrain Newark to serve Newark Liberty International Airport. The new AirTrain would replace the existing three-mile monorail system that opened in 1996.

As part of the transaction Prologis plans to sell $3.5 billion of assets including $2.8 billion of non-strategic logistics properties and $700 million of office properties.

Trammell Crow Co. and Washington Capital Management have broken ground on a 2.7 million square foot industrial project in Las Vegas known as Golden Triangle.

Ten-X President Maureen Waters says, "In 2020, for us, it is all about the data."

The project at 100 Ridge Road was a former Union Carbide operated site for nearly 80 years and employed thousands of employees at its pinnacle.

Prologis chairman/CEO Hamid Moghadam says markets remain healthy, driven by customers who are prioritizing proximity to consumers to offset supply chain costs such as labor and transportation.

The San Fernando Valley and Central Valley are becoming hubs for industrial users pushed out of the Los Angeles market.

State officials note that Amazon plans to invest more than $30 million in the new facility and the project will create approximately 800 new, full-time jobs at the property in Findlay Township.