ProLogis (NYSE: PLD) announces that it will develop a new distribution center in Kitanagoya City, Aichi Prefecture, Japan. ProLogis Parc Kitanagoya will be a four-story, multi-tenant facility totaling approximately 42,500 m². The distribution center will be located in the Komaki submarket in Nagoya, approximately eight kilometers north of the Nagoya Central Business District. Construction will commence this summer and is expected to be completed mid-2009.
"Nagoya continues to play an important role in Japan's economy and serves as a major distribution hub for central Japan," said Mike Yamada, co-president for ProLogis in Japan. "With a population of seven million, the area is a prime location for manufacturers and shippers, especially with the opening of Centrair International Airport. We are excited about our recent activity in Nagoya and expect that this new facility will be a valued addition to our customers' supply chains in the region."
ProLogis Parc Kitanagoya will be ProLogis' fifth facility and third multi-tenant facility in the Nagoya market. It features excellent highway access, with its proximity to Route 22, Meishin Expressway, Ichinomiya I.C. and Higashi-Meihan Expressway via Kusunoki Junction. The facility is also a 20-minute walk from the Nishiharu Station, attracting a substantial workforce that travels via public transportation systems.
Also in the Nagoya market, ProLogis has leased approximately 24,000 m² to Nippon Express at ProLogis Parc Komaki, located approximately 4.5 kilometers from the new ProLogis Parc Kitanagoya.
In addition, ProLogis announced today its ProLogis Japan Properties Fund II has acquired a building totaling approximately 10,400 m² located in the Osaka market from a group company of Nippon Steel Corporation, for a total consideration of approximately $15.7 million (