AMB Property Corporation(R) Leases 126,000 SF in Chicago Development
May 06 2008 - 6:00PM
PR Newswire (US)
SAN FRANCISCO, May 6 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has leased approximately
126,000 square feet in a Chicago development to Ashley Furniture,
an industry leading manufacturer of quality furniture products.
Ashley Furniture is using the facility, named AMB Remington Lakes
Distribution Center, as their new distribution center servicing the
Midwest for the distribution of finished goods. Chicago is the
second largest industrial market and distribution hub in the U.S.
with one of the world's largest networks of road and rail
transportation systems, providing efficient regional and
interregional distribution of goods. AMB Remington Lakes
Distribution Center is located adjacent to Interstate 55, a major
north-south arterial. The I-55 corridor submarket, immediately
southwest of downtown Chicago, has experienced the largest portion
of absorption in the Chicago metropolitan area, as compared to all
other submarkets. "This lease is evidence of sustained customer
demand for well designed and efficient facilities in Chicago that
are located near major transportation nodes," said Mark Saturno,
managing director of AMB's West Central Region. "Ashley Furniture
relies on quality distribution facilities to service their national
network of retail shops in the Chicago and Milwaukee metropolitan
areas. We are pleased that we could meet their need and welcome
them to AMB Remington Lakes Distribution Center." As of March 31,
2008, AMB's presence in Chicago totals approximately 18.5 million
square feet of operating and under development properties. AMB
Property Corporation(R). Local partner to global trade(TM). AMB
Property Corporation(R) is a leading global developer and owner of
industrial real estate, focused on major hub and gateway
distribution markets in the Americas, Europe and Asia. As of March
31, 2008, AMB owned, or had investments in, on a consolidated basis
or through unconsolidated joint ventures, properties and
development projects expected to total approximately 150.2 million
square feet (14.0 million square meters) in 45 markets within 14
countries. AMB invests in properties located predominantly in the
infill submarkets of its targeted markets. The company's portfolio
is comprised of High Throughput Distribution(R)
facilities-industrial properties built for speed and located near
airports, seaports and ground transportation systems. AMB's press
releases are available on the company website at
http://www.amb.com/ or by contacting the Investor Relations
department at +1 415 394 9000. Some of the information included in
this press release contains f orward-looking statements, such as
those related to the occupation of AMB Remington Lakes Distribution
Center, which are made pursuant to the safe- harbor provisions of
Section 21E of the Securities Exchange Act of 1934, as amended, and
Section 27A of the Securities Act of 1933, as amended. Because
these forward-looking statements involve risks and uncertainties,
there are important factors that could cause our actual results to
differ materially from those in the forward-looking statements, and
you should not rely on the forward-looking statements as
predictions of future events. The events or circumstances reflected
in forward-looking statements might not occur. You can identify
forward-looking statements by the use of forward- looking
terminology such as "believes," "expects," "may," "will," "should,"
"seeks," "approximately," "intends," "plans," "pro forma,"
"estimates" or "anticipates" or the negative of these words and
phrases or similar words or phrases. You can also identify
forward-looking statements by discussions of strategy, plans or
intentions. Forward-looking statements are necessarily dependent on
assumptions, data or methods that may be incorrect or imprecise and
we may not be able to realize them. We caution you not to place
undue reliance on forward-looking statements, which reflect our
analysis only and speak only as of the date of this report or the
dates indicated in the statements. We assume no obligation to
update or supplement forward-looking statements. The following
factors, among others, could cause actual results and future events
to differ materially from those set forth or contemplated in the
forward- looking statements: defaults on or non-renewal of leases
by tenants, increased interest rates and operating costs, our
failure to obtain necessary outside financing, re-financing risks,
risks related to our obligations in the event of certain defaults
under joint venture and other debt, risks related to debt and
equity security financings (including dilution risk), difficulties
in identifying properties to acquire and in effecting acquisitions,
our failure to successfully integrate acquired properties and
operations, our failure to divest properties we have contracted to
sell or to timely reinvest proceeds from any divestitures, risks
and uncertainties affecting property development and construction
(including construction delays, cost overruns, our inability to
obtain necessary permits and public opposition to these
activities), our failure to qualify and maintain our status as a
real estate investment trust, risks related to our tax structuring,
failure to maintain our current credit agency ratings,
environmental uncertainties, risks related to natural disasters,
financial market fluctuations, changes in general economic
conditions or in the real estate sector, changes in real estate and
zoning laws, a downturn in the U.S., California or global economy,
risks related to doing business internationally and global
expansion, losses in excess of our insurance coverage, unknown
liabilities acquired in connection with acquired properties or
otherwise and increases in real property tax rates. Our success
also depends upon economic trends generally, including interest
rates, income tax laws, governmental regulation, legislation,
population changes and certain other matters discussed under the
heading "Risk Factors" and elsewhere in our annual report on Form
10-K for the year ended December 31, 2007. DATASOURCE: AMB Property
Corporation CONTACT: Margan S. Mitchell, Vice President, Corporate
Communications, +1-415-733-9477, fax, +1-415-477-2177, , or Rachel
E. M. Bennett, Media and Public Relations Director,
+1-415-733-9532, fax, +1-415-477-2063, , both of AMB Property
Corporation Web site: http://www.amb.com/
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