AMB Property Corporation(R) Pre-Leases 183,000 SF in New Jersey Developments
May 21 2008 - 4:45PM
PR Newswire (US)
Port-related developments leased to logistics and services
customers SAN FRANCISCO, May 21 /PRNewswire-FirstCall/ -- AMB
Property Corporation(R) (NYSE:AMB), a leading global developer and
owner of industrial real estate, today announced it has pre-leased
an aggregated 183,000 square feet at two brownfield developments
and one redevelopment project in northern New Jersey. AMB has
leased to logistics customers, including Target Logistics -- an
international logistics provider and freight forwarder, and a
multi-market customer of AMB. "We're able to meet continued
customer demand in northern New Jersey, one of the most dynamic and
land constrained infill areas in the U.S., by identifying
strategically located properties, applying our brownfield
development and redevelopment expertise, and bringing Class A
facilities to market," said Gene Reilly, AMB's president, the
Americas. "Port Newark/Elizabeth and Newark Liberty International
Airport are essential links in the global supply chain. The
locations of our facilities make them attractive to customers
requiring rapid access to major modes of transportation and the
dense population base in the northeastern U.S." Consistent with
AMB's sustainable initiatives, materials from the prior structures
at AMB Liberty Logistics Center were reused in the new facility.
AMB Portview Commerce Center, a joint venture project with Portview
Properties, LLC, incorporates energy efficient features including
clerestory windows for natural lighting and a heat-reflective roof.
The three development projects, including AMB Highway 17, are
proximate to Newark Liberty International Airport and Port
Newark/Elizabeth, the leading East Coast seaport by volume, and
provide rapid access to all tunnels and bridges into Manhattan. As
of March 31, 2008, AMB's portfolio in Northern New Jersey totaled
approximately 12.7 million square feet of operating and development
facilities. 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 the
completion, occupation and sustainable specifications of AMB
Liberty Logistics Center, AMB Portview Commerce Center and AMB
Highway 17, 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, , or Rachel E. M. Bennett, Media
and Public Relations Director, +1-415-733-9532, , both of AMB
Property Corporation Web site: http://www.amb.com/
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