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CALEDON, ONTARIO-An undisclosed company is leasing 590,000 square feet, securing a local industrial development–AMB Airport Road Distribution Center. The property–12203 Airport Rd. in Caledon, Ontario–is owned and operated by AMB Property Corp., totals 1.1-million square feet.

A lease of this size with a 10-year term is a significant transaction for AMB in the [Greater Toronto Area],” says Jay Cornforth, managing director of AMB’s East Region, in a statement. As of September 30th of this year, AMB’s operating portfolio for the GTA was 97% leased, according to a release.

Eugene Reilly, president of AMB’s Americas region, says in a statement, that fully leasing a 1.1-million-square-foot development before the speculated time “demonstrates just how focused companies are right now on streamlining operations, even in this challenging environment. We are continuing to see demand for infill-located, class A facilities at our core hub and gateway markets.”

The terms of the lease were undisclosed, as was the name of the newly signed tenant, which was only referenced as a “subsidiary of a Fortune 100 company”, according to a release. The other tenant is Vitrane Logistics, a wholly-owned subsidiary of Vitran Corporation, Inc.

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