AMB Property Corporation(R) Stabilizes 406,000 SF Orlando Development with Kuehne + Nagel Lease
May 13 2008 - 3:01PM
PR Newswire (US)
SAN FRANCISCO, May 13 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has fully leased AMB
Palmetto Distribution Center, stabilizing the more than 406,000
square foot development in Orlando months ahead of schedule. Kuehne
+ Nagel, a leading global provider of integrated supply chain
solutions, leased approximately 141,000 square feet for dedicated
distribution and warehousing activities, which will support the
Florida operations of an entertainment customer. As previously
announced, the remainder of the development, approximately 265,000
square feet, has been leased to a leading consumer electronics
retailer. "We see the southeastern United States experiencing
steady demand for logistics real estate, due primarily to an
increase of goods shipped through the region's seaports, as well as
a growing population base," said Gene Reilly, AMB's president, the
Americas. "AMB Palmetto Distribution Center represents our seventh
lease globally with Kuehne + Nagel, a valued target customer." "At
Kuehne + Nagel, we turn the logistics requirements of our customers
into their competitive advantage, and AMB understands we call for
speed and efficiency from our distribution facilities in order to
deliver on this commitment," commented John Frick, Kuehne + Nagel,
Inc.'s senior vice president-chief administrative officer, Contract
Logistics - USA. AMB Palmetto Distribution Center provides rapid
access to the Interstate 4 corridor between Orlando and Tampa Bay,
as well as Highway 27, which is the main access route to south
Florida from central Florida. As of March 31, 2008 AMB's presence
in south Florida totaled approximately 8.7 million square feet of
operating and development properties in Miami, Orlando, and
on-tarmac at Miami International Airport. AMB's Orlando portfolio
totals more than 1.8 million square feet, and is now nearly 100
percent leased. 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 forward- looking statements, such as
those related to the occupation and use of AMB Palmetto
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/
Copyright
Amb Properties (NYSE:AMB)
Historical Stock Chart
From Jul 2024 to Aug 2024
Amb Properties (NYSE:AMB)
Historical Stock Chart
From Aug 2023 to Aug 2024