Commercial Property News - October 10, 2007
Industrial property giant ProLogis has inked a deal with the U.S.-based arm of German automaker BMW to develop about 1.2 million square feet of distribution space in the United States. BMW of North America has already preleased the space.
One facility will be a distribution center for BMW in eastern Pennsylvania totaling 870,000 square feet, and another in suburban Chicago totaling 306,000 square feet. BMW will use the facilities for storage and handling of automotive and motorcycle parts, as well as accessories other auto-related items. Both facilities will be built according to the Leadership in Energy and Environmental Design (LEED) standards of the U.S. Green Building Council.
In addition, ProLogis has acquired a 252,000-square-foot distribution facility from BMW in Mt. Olive, N.J., in a sale-leaseback deal. BMW will continue to occupy the building, which serves as its Northeast distribution center for automotive and motorcycle spare parts, under a lease agreement with ProLogis until completion of the Pennsylvania facility.
The new facilities will support the automaker’s presence in this country, where it sold about 313,000 BMW, Mini and Rolls-Royce automobiles in 2006.
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