Prologis, Inc., the global leader in logistics real estate, today announced it completed 13 build-to-suit development projects in the second half of 2017 totaling more than 4.7 million square feet with a total expected investment (TEI) of approximately $350 million on a Prologis share basis.
The company was also awarded 21 build-to-suit developments representing more than 6.7 million square feet during the same period at a TEI of approximately $550 million on a Prologis share basis.
For the full year, Prologis completed 33 build-to-suit projects totaling more than 12 million square feet and started 38 build-to-suits. These starts have a TEI of approximately $1.1 billion on a Prologis share basis, which is an increase of more than 45 percent over last year’s build-to-suit TEI. This represents 47 percent of the company’s total development TEI for 2017. More than 70 percent of these starts were signed with multi-site customers, and more than 95 percent are located in Global Markets.
“Our land bank and network of multi-site customers, many of whom are focused on e-commerce, have been strong factors driving this part of our business,” said Michael S. Curless, chief investment officer, Prologis. “As a result, the ratio of our build-to-suit activity to our overall development starts reached its highest level since 2013.”
Prologis’ Second Half 2017 Build-to-Suit Completions
Customer | Industry | Market | Size (SF) | ||
1 | Ulta Beauty | Retail (Domestic) | Central Valley, CA | 670,680 | |
2 | XPO Logistics | Logistics (International) | Venlo, The Netherlands | 658,396 | |
3 | Burlington Coat Factory | Retail (Regional) | Inland Empire, CA | 542,977 | |
4 | Non-disclosed* | Retail (International) | Oosterhout, The Netherlands | 469,091 | |
5 | Gardman | Retail (Domestic) | East Midlands, UK | 417,438 | |
6 | Coolblue Holding B.V. | E-Commerce (Domestic) | Tilburg, The Netherlands | 394,734 | |
7 | VF Outdoor, Inc. | Apparel (International) | Mexico City, Mexico | 367,556 | |
8 | ID Logistics | Logistics (International) | Barcelona, Spain | 291,610 | |
9 | Cooper Tire and Rubber Co. | Automotive (International) | Guadalajara, Mexico | 269,171 | |
10 | SDV International Logistics | Logistics (International) | Miami, FL | 200,000 | |
11 | Textile House | Apparel (Regional) | Bratislava, Slovakia | 174,365 | |
12 | DB Schenker | Logistics (International) | Bologna, Italy | 147,390 | |
13 | PSAV | Logistics (International) | Dallas, TX | 144,465 | |
Total | 4, 747,873 | ||||
Prologis’ Second Half 2017 Build-to-Suit Starts*
Customer Profile | Market | Size (SF) | |
1 | E-Commerce (International) | Mexico City, Mexico | 996,897 |
2 | Manufacturing (Regional) | Inland Empire, CA | 779,236 |
3 | Retail (Domestic) | Paris, France | 609,808 |
4 | Manufacturing (International) | Atlanta, GA | 556,686 |
5 | Retail (Regional) | New York/New Jersey | 504,428 |
6 | Logistics (Regional) | Bologna, Italy | 435,712 |
7 | Automotive (International) | Lehigh, PA | 348,000 |
8 | Logistics (International) | Barcelona, Spain | 284,630 |
9 | Manufacturing (Regional) | Mexico City, Mexico | 283,360 |
10 | Logistics (International) | Tilburg, The Netherlands | 277,741 |
11 | Manufacturing (International) | Osaka, Japan | 259,563 |
12 | Manufacturing (International) | Prague, Czech Republic | 255,212 |
13 | Logistics (International) | Bologna, Italy | 254,039 |
14 | Retail (International) | Miami, FL | 200,000 |
15 | Retail (International) | Bologna, Italy | 177,605 |
16 | Manufacturing (International) | Osaka, Japan | 171,895 |
17 | Media (International) | Beacon Lakes, FL | 94,008 |
18 | Manufacturing (International) | Wroclaw, Poland | 88,910 |
19 | Logistics (International) | Chicago, IL | 80,636 |
20 | Logistics (International) | Bologna, Italy | 42,743 |
21 | Healthcare (International) | Dallas, TX | 40,480 |
Total | 6,741,589 |
*Due to confidentiality, Prologis does not disclose customer names at this stage of development.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 2017, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 687 million square feet (64 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,200 customers across two major categories: business-to-business and retail/online fulfillment.
Source : Company