AMB names Cooper for major Airport Road project
Cooper Construction is proud to be selected as the builder for the 1.12 million square foot distribution facility described in the AMB press release below. The Airport Road Distribution Centre project continues the successful relationship established on previous projects, such as two distribution facilities totaling more than 600,000 s.f. for AMB Property Corporation at Milton Business Park in 2005.
On completion of the AMB Airport Road Distribution Centre, Cooper will assume Property Management responsibility for the 1.12-million s.f. property.
AMB expands presence in key North American distribution market
SAN FRANCISCO, October 10, 2007 - AMB Property Corporation(r)
(NYSE:AMB), a leading global developer and owner of industrial real estate, today announced that it has pre-leased 525,000 square feet (48,000 square meters) of distribution space at a new 1.1 million square foot (104,300 square meter) development property in the airport submarket of the Greater Toronto Area (GTA).
“The property’s proximity to the airport, the Trans-Canada Highway, and major intermodal rail yards provides convenient access to the GTA, and to significant portions of the Canadian consumer base and U.S. population,” said Gene Reilly, AMB’s president, The Americas.
“With AMB Airport Road Distribution Centre, we are growing our presence in one of North America’s strongest distribution markets. Market dynamics are compelling and developable land sites that can accommodate a facility of this size are rare,” commented Jay Cornforth, AMB’s managing director, East Region. “We are pleased to welcome Vitran Logistics to the facility.”
Vitran Logistics, a wholly-owned subsidiary of Vitran Corporation Inc., a leading North American less-than-truckload (LTL) and supply chain services provider, will use AMB Airport Road Distribution Centre to expand operations for an existing client. “Vitran Logistics was attracted to AMB Airport Road Distribution Centre’s central location and access to nearby major transportation nodes,” said Mike Glodziak, Vitran’s president, Canadian and U.S. Logistics. “Additionally, the facility meets our requirements for superior functional design, security and operational efficiency, as well as proximity to an excellent labor pool.”
AMB’s Toronto market portfolio now totals more than 2.7 million square feet (250,800 square meters) of operating and under development properties. AMB’s North America portfolio totaled more than 116.3 million square feet (10.8 million square meters) of operating and under development properties as of June 30, 2007.
AMB Property Corporation®. Local partner to global trade™.
AMB Property Corporation is a leading global developer and owner of industrial real estate, focused on major hub and gateway distribution markets throughout North America, Europe and Asia. As of June 30, 2007, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 136.7 million square feet (12.7 million square meters) in 44 markets within 13 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® facilities-industrial properties built for speed and located near airports, seaports and ground transportation systems.
