Globest Sectors

LONDON-Denver-based ProLogis, the world's largest industrial REIT, will develop two build-to-suit distribution facilities for Ahold Polska for a total of 614,618 sf in Piotrksw and Bedzin, two key Polish distribution markets.

ATLANTIC CITY, NJ-The Post Office is looking to replace its existing 65-year-old local facility with a new 28,000-sf complex that would include 6,000 sf for its retail unit.

PHILADELPHIA-The Port Washington, NY-based REIT contemplates redevelopment of an 89,000-sf former Montgomery Ward unit and other renovations for the 523,000-sf mall located on 44 acres in Camp Hill, PA. The seller is an affiliate of Connecticut General Life Insurance Co.

PHILADELPHIA-The US sales and distribution arm of the Germany-based athletic footwear and apparel supplier fills three of five buildings owned by Aurora, CO-based ProLogis at Airpark Distribution Center on I-275 and Route 20.

DENVER-The $40-million, 196-room J.W. Marriott is expected to command average room rates of about $170 per night when it opens in the spring of 2004 on the Sears Roebuck & Co. site.

FAIRFAX, VA-The AMS Building--the 264,000-sf, class A office structure at 12601 Fair Lakes Circle--gets a new owner with Prentiss Properties Trust's $55-million purchase of the property from Gilbane Building Co. American Management Services has a lease on the entire building through 2011.

ST. CLAIR SHORES, MI-Jefferson Beach Properties high-rise retail and multifamily project needs preliminary approval by the city. However, the primarily residential Macomb County suburb faces severe budget deficits.

NEW YORK CITY-During an event held here late last week, three real estate appraisal experts explained the harsh realities facing valuations of Lower Manhattan real estate. Unfortunately, said the experts, a turnaround in property assessments is not in the foreseeable future.