AMB Property Corporation(R) Leases 150,000 SF in Port-Related Savannah Development
September 03 2008 - 8:30AM
PR Newswire (US)
SAN FRANCISCO, Sept. 3 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE:AMB), a leading global developer and owner of
industrial real estate, today announced it has leased more than
150,000 square feet of the AMB Morgan Business Center - Building
100 development in Savannah to Dorel Juvenile Group, Inc., a
manufacturer and distributor of children's products. Dorel will use
the facility as part of a strategic reconfiguration of the
company's global supply chain. "AMB entered Savannah earlier this
year to capitalize on the increased interest our customer base has
shown in the Port of Savannah, the fastest growing seaport in the
U.S. Additionally, as our lease with Dorel demonstrates, companies
are looking to their distribution networks to gain efficiencies in
the face of high fuel costs, and a presence in the coastal markets
puts distribution activities closer to their customers thereby
reducing travel time and fuel outlays," said Hamid R. Moghadam,
AMB's chairman & CEO. "Dorel decided to establish an East Coast
distribution model to complement our existing West Coast model.
High fuel costs, growing demand for our products in the eastern
U.S., and ever increasing import volumes drove our interest in
Savannah -- and AMB Morgan Business Center was identified as the
ideal site," commented Tim Ferguson, an executive vice president at
Dorel. "Not only is the development one of quality, its
sustainability features are also a significant attraction." AMB
Morgan Business Center - Building 100 is a 347,000 square foot
facility proximate to the Port of Savannah, and the first
speculative industrial development in the southeastern United
States built to the LEED(TM) Silver Standard. The building is the
first in the master-planned AMB Morgan Business Park, which is
expected to total more than 3 million square feet of distribution
space. In addition to the Port of Savannah, AMB owns and operates
seaport-related facilities for customers with distribution activity
through New Jersey's Port Elizabeth, the Ports of Los Angeles/Long
Beach, the Port of Oakland and the Port of Tacoma. 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 June
30, 2008, AMB owned, or had investments in, on a consolidated basis
or through unconsolidated joint ventures, properties and
development projects expected to total approximately 155.5 million
square feet (14.5 million square meters) in 47 markets within 15
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
occupation of AMB Morgan Business Park by Dorel, and LEED(TM)
certification of the facility, 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, difficulties in identifying properties to
acquire and in effecting acquisitions, our failure to successfully
integrate acquired properties and operations, our failure to divest
properties on advantageous terms 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,
environmental uncertainties, risks related to natural disasters,
changes in general economic conditions or in the real estate
sector, changes in real estate and zoning laws or other local,
state and federal regulatory requirements, a downturn in the U.S.,
California, or the global economy, risks related to doing business
internationally, 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, various market conditions and fluctuations and
those other risk factors discussed under the heading "Risk Factors"
and elsewhere in our most recent 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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