ProLogis Signs Leases in Mexico

ProLogis (PLD - Analyst Report), a leading global provider of distribution facilities, recently signed 3 new lease agreements spanning about 168,000 square feet of its development portfolio in Mexico. The continued leasing activities show signs of stabilization in the industrial property market fundamentals after a prolonged recession that pushed down the sector.

About 108,000 square feet were leased to Steelcase Inc. (SCS - Snapshot Report), a leading office furniture manufacturing company, in Reynosa in the Mexican state of Tamaulipas. The lessee will occupy the space at ProLogis Park Pharr Bridge Building Eight, which is at close proximity to the Reynosa International Airport.

ProLogis also leased about 40,000 square feet to MarkIV AIS Mexico, a manufacturer of highly engineered systems and components for the global automotive and transportation markets. The lessee will occupy the space at ProLogis Park Apodaca in Monterrey in northeast Mexico. At the same time, approximately 20,000 square feet were leased to a manufacturer and distributor of paper products in Reynosa. The lessee will occupy the space at El Puente Industrial Center.

ProLogis owns and manages interests in over 2,500 distribution facilities, service offices and properties spanning 475 million square feet of space. The company leases its industrial facilities to over 4,400 customers, which mostly include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.

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