AMB Property Corp. has formed an alliance with online grocer Webvan Group Inc. to find and lease space for the retailer’s wares in different spots around the country. The San Francisco-based REIT also invested about $5 million in Webvan before its IPO, giving it a small stake.

AMB President Blake Baird said the Webvan’s real estate needs – warehouses located in major population centers that allow the rapid movement of goods – matched up with AMB’s property portfolio. Besides offering its own space, the REIT is also helping Webvan find space in buildings owned by other companies.

AMB is benefiting from changes in technology, but it is not relying too heavily on the new economy. Although Webvan is its biggest tenant, it only rents 1.5 percent of AMB’s space.

AMB owns and operates 724 industrial buildings and nine community shopping centers totaling approximately 66.8 million rentable sf. For the six months ended June 30, revenues fell 1% to $223.8 million. Net income applicable fell 17% to $56.8 million.

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