ProLogis expands Inland Empire portfolio
Commercial real estate firm ProLogis Wednesday announced the acquisition of two distribution centers totaling 855,000 square feet in Southern California’s Inland Empire.
Located in the city of Ontario, the two facilities are 100 percent leased under long-term customer agreements. The first, built in 2001, totals 741,500 square feet. The second was built in 2005 and totals 113,400 square feet.
ProLogis said in a release that warehouse and distribution center acquisitions are a key component of the firm's Inland Empire expansion plans. The firm is the largest owner of industrial distribution space in the Inland Empire, with 73 facilities totaling more than 27 million square feet either operational or under development.
The Denver-based firm also said Wednesday that it has leased a company-owned 700,000-square-foot distribution center in the city of Redlands to an unnamed Fortune 500 company. The building was purchased by ProLogis in the third quarter of 2006 and is part of a 1.8 million-square-foot distribution park east of Ontario International Airport.
Worldwide, the firm owns 2,466 properties representing 422 million square feet and a value of $26.7 billion.