ARCO Construction Co. will complete a $3.4 million speculative building for the Meramec Bottom Development LLC. The 61,500-square-foot building will be on a five-acre site adjacent to the Phase I warehouse/office complex also built by ARCO. That facility is 100% occupied.
ProLogis has signed two new agreements to develop approximately 1.2 million square feet of industrial space in the eastern US for BMW of North America. ProLogis will develop a distribution center for the automaker in eastern Pennsylvania totaling 870,000 square feet and another in suburban Chicago totaling 305,000 square feet. BMW will use the facilities for storage and handling of automotive and motorcycle parts as well as accessory and lifestyle items.
ProLogis has also acquired a 252,000-square-foot BMW distribution facility in Mt. Olive, NJ. BMW will continue to occupy that facility, which serves as its northeast distribution center for automotive and motorcycle parts. It will operate under a lease agreement with ProLogis until completion of the Pennsylvania facility.
In other news, ProLogis will develop a distribution center in Germany for outdoor retailer Jack Wolfskin.
The facility, totaling 366,000 square feet, will be developed on land recently acquired by ProLogis southwest of Hamburg. It will serve as Wolfskin's main distribution center for Europe and will serve markets in Germany, Austria, Belgium, Switzerland, Scandinavia, Eastern Europe, and the United Kingdom. Completion is expected in the second half of 2008.