ProLogis Expands Presence In Japan

Distribution facilities and services provider ProLogis is adding to its presence in Japan. The firm has signed a build-to-suit agreement in the Nagoya market and made leasing progress on two facilities, ProLogis Parc Narita and ProLogis Parc Tokyo. The build-to-suit agreement is for a 345,000-square-foot facility that will be called ProLogis Park Tokai. Its intended location near a freeway puts it in close proximity to three population centers, as well as a new airport expected to be completed by 2005. "ProLogis is steadily growing its presence and customer base in key markets in Japan - markets we believe will increase in importance as major distribution hubs for Asia and around the world," says Mike Yamada, first vice president for ProLogis. Additionally, ProLogis says the occupancy rate of its Parc Narita, scheduled for completion in the fourth quarter, has risen to 93% with the signing of a lease agreement with the Japanese arm of global supply-chain-management company Excel. ProLogis Park Tokyo, also scheduled to be completed in the fourth quarter, is 83% committed. The facility is approximately 575,000 square feet. ProLogis is headquartered in Aurora, Colo.