AMB Property Corporation(R) Enters California's Central Valley With 658,000 SF Build-to-Suit
June 10 2008 - 4:32PM
PR Newswire (US)
SAN FRANCISCO, June 10 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has entered California's
Central Valley with a build-to-suit development totaling
approximately 658,000 square feet. The facility, named AMB
Pescadero Distribution Center, is located in the city of Tracy,
California, and will serve as the regional distribution center for
a major retailer. "AMB is meeting the distribution requirements of
a major retailer by securing a strategically located land site and
developing a build-to-suit facility specific to their needs.
Retailers are taking space, even in this current economic climate,
in order to reconfigure their supply chain and gain
increasingly-important operational efficiencies," said Mark
Saturno, managing director, AMB's West Central Region.
"California's Central Valley is rapidly gaining momentum as a
preferred distribution location from which customers can, in one
day, reach the major population centers of the Western U.S." AMB
Pescadero Distribution Center provides rapid access to nearby
Interstate 5, the main north-south highway on the West Coast
running from Seattle to San Diego, and Interstate 580, which
connects the Central Valley and the San Francisco Bay Area. The
development is designed to meet LEED(TM) standards set forth by the
U.S. Green Building Council. AMB's San Francisco Bay Area market
portfolio now totals approximately 11.6 million square feet of
operating and under development properties. 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 development, size, timing, completion and
occupation of AMB Pescadero Distribution Center and additional
investment in the Central Valley, 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/
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