(To read more on the industrial market, click here.)

SAN FRANCISCO-AMB Property Corp. is adding to its development and investment portfolios with major projects in the Northwestern US, Canada and France. Over the past several weeks, the publicly traded air cargo REIT has made significant acquisitions in Seattle and San Francisco and launched major developments in Toronto, Milan and Paris.

In Milan, AMB secured a land position that it says will allow entry into the Milan market with an expected 1.3 million-sf multi-phase development. The site is located south of the city center along route SP40 in Siziano, between the A1 motorway (connecting Milan to Bologna) and the A7 route to Genoa. AMB also launched development of a 590,100-sf distribution center approximately seven miles north of Paris and four miles south of Charles de Gaulle International Airport. The $51-million project will expand AMB’s near the airport to about 1.6 million sf.

In Toronto, AMB began development on AMB Pearson Logistics Centre, a two-building, rail served bulk warehouse totaling 651,900 sf. The $42-million project is rising about two miles north of Toronto’s Lester B. Pearson International Airport. The project brings to about 1.2 million sf the amount of space AMB has under construction in the Toronto area. The total does not include land positions for an additional 1.9 million sf of future development.

In the Northwest, AMB acquired a 407,500 sf cross-dock facility on 18.3 acres adjacent to the Port of Seattle for $28.7 million and a 560,000-sf bulk warehouse development on 21.5 acres in South San Francisco’s airport submarket for $66.5 million. On the disposition front, the company is about to unload its 926,334-sf Portland, OR-area industrial portfolio. The sale is expected to close before the end of the year.

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