), a real estate investment trust (REIT), has recently signed
a build-to-suit agreement spanning approximately 1.2
million square feet of space in Lancaster, south of Dallas.
The deal was penned with a leading food and beverage company with
construction expected to begin in January 2013.
PROLOGIS INC (PLD): Free Stock Analysis
PS BUSINESS PKS (PSB): Free Stock Analysis
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The new facility will come up at Prologis Park which features
direct access to major interstates. Currently the park includes
two fully-leased buildings spanning 1.2 million square feet.
Including the agreement and a further 654,000 square feet
facility under construction, the logistics park will be having a
total of approximately 3.1 million square feet of space.
With this agreement, Prologis is likely to strengthen its
relationship with its customers in Dallas. Continuous growth is
expected in the Dallas market in the forthcoming years making it
an important logistics hub. Close proximity to major metropolitan
areas with major job growth and the strong leasing activities in
the region reflect the inherent high quality of the distribution
facilities of the company, helping to present attractive
investment propositions. Currently, Prologis owns and manages
over 23 million square feet of distribution space in 160
facilities (94.3% leased) within the Dallas submarket.
Prologis acquires, develops, operates and manages industrial real
estate space in North America, Asia and Europe. The majority of
the company's portfolio comprises high throughput distribution
(HTD), which provides multiple options for quick movement and the
distribution of goods to the customer.
The company provides industrial distribution warehouse space in
some of the busiest distribution markets across the globe. The
properties of the company are typically located in large,
supply-constrained infill markets in close proximity to airports,
seaports, and ground transportation facilities, which enable
rapid distribution of customers' products. This has enabled the
company to gain a significant pricing advantage over its
ProLogis currently retains a Zacks #3 Rank, which translates into
a short-term Hold rating. We are also maintaining our long-term
Neutral recommendation on the stock. One of its competitors,
PS Business Parks Inc.
) holds a Zacks #4 Rank which translates into a short-term Sell