ProLogis (NYSE: PLD) has announced that it has leased 600,000 ft² of industrial space to two customers at a new park it operates in Memphis, Tennessee.
Kyocera Mita America, a leading document imaging company, has leased 300,000 ft² at ProLogis Park Stateline, an 80-acre park located about two miles southeast of Memphis International Airport. The facility will become the hub of Kyocera's new national product distribution network, and will eventually service approximately 70% of the United States.
Franklin Sports, a leader in sports equipment for athletes of all ages, has leased another 300,000 ft² at the same location to support the continued growth of its business and will use the space for its regional distribution operations.
"These new lease agreements underscore the strength of Memphis as a national and regional distribution hub," said Jeremy Giles, ProLogis vice president and Tennessee market officer. "We're very pleased to have established relationships with Kyocera and Franklin Sports, both leaders in their respective industries, and look forward to serving as their distribution facilities provider."
ProLogis Park Stateline can accommodate up to 1.53 million ft² at full build-out. Located in southeastern Memphis, it offers direct access to the airport, multiple interstate highways and nearby rail infrastructure. Phase one of development at the park, which was completed in 2005, is now fully leased.
ProLogis entered the Memphis market, which includes northern Mississippi, in 1995. The company's current platform totals more than 10 million ft² of industrial space.