X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-AMB Property Corp. is growing its network of air cargo and logistics facilities near airports with 1.3 million sf of properties in Paris, Frankfurt, Madrid and Tokyo. The locally based industrial REIT is adding the properties through a combination of acquisition and development that is slated to cost $108.4 million.

In Paris, AMB has purchased the newly constructed Bourget Distribution Center, a 354,000-sf class A warehouse with direct access from the A-1 motorway to both central Paris and Charles de Gaulle International Airport. The property is 100% leased to La Poste, the largest postal company in France and the second largest in all of Europe. The property, acquired for $30.3 million, includes land for more than 100,000 sf of expansion and represents AMB’s third acquisition near the airport.

In Frankfurt, AMB paid $19.7 million for FRA Logistics Center at Frankfurt International Airport. The 164,000-sf distribution building is located in Cargo City South, the zone reserved for airlines and their freight-forwarding and cargo-handling partners. Concurrent with its purchase, AMB has signed a lease for the entire property with SFS, the European division of Worldwide Flight Services, an existing customer of AMB at five airport locations. The property has 60,000 sf of expansion potential.

In Madrid, AMB and its joint venture partners, Codina Group and Torimbia, have been awarded the exclusive right to develop 449,000 sf of industrial space adjacent to Madrid’s Barajas Airport. Construction is scheduled to begin in the second quarter of 2004 and is expected to total $22.5 million.

In Tokyo, AMB has paid $35.9 million for Saitama Distribution Center. The center is comprised of two multi-story warehouses totaling 363,000 sf that are located five minutes from the Kanetsu Expressway in Tokorozawa, metropolitan Tokyo. The buildings are 100% leased to Japanese subsidiaries of the multinational manufacturing and distribution companies Pioneer Shared Services, Honda Express and Bridgestone Sports.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.