SAN FRANCISCO, Sept. 3 /PRNewswire-FirstCall/ -- AMB Property
Corporation(R) (NYSE: AMB), a leading global developer and owner of
industrial real estate, today announced it has leased more than 150,000
square feet of the AMB Morgan Business Center - Building 100 development in
Savannah to Dorel Juvenile Group, Inc., a manufacturer and distributor of
children's products.
Dorel will use the facility as part of a strategic reconfiguration of
the company's global supply chain. "AMB entered Savannah earlier this year
to capitalize on the increased interest our customer base has shown in the
Port of Savannah, the fastest growing seaport in the U.S. Additionally, as
our lease with Dorel demonstrates, companies are looking to their
distribution networks to gain efficiencies in the face of high fuel costs,
and a presence in the coastal markets puts distribution activities closer
to their customers thereby reducing travel time and fuel outlays," said
Hamid R. Moghadam, AMB's chairman & CEO.
"Dorel decided to establish an East Coast distribution model to
complement our existing West Coast model. High fuel costs, growing demand
for our products in the eastern U.S., and ever increasing import volumes
drove our interest in Savannah -- and AMB Morgan Business Center was
identified as the ideal site," commented Tim Ferguson, an executive vice
president at Dorel. "Not only is the development one of quality, its
sustainability features are also a significant attraction."
AMB Morgan Business Center - Building 100 is a 347,000 square foot
facility proximate to the Port of Savannah, and the first speculative
industrial development in the southeastern United States built to the
LEED(TM) Silver Standard. The building is the first in the master-planned
AMB Morgan Business Park, which is expected to total more than 3 million
square feet of distribution space.
In addition to the Port of Savannah, AMB owns and operates
seaport-related facilities for customers with distribution activity through
New Jersey's Port Elizabeth, the Ports of Los Angeles/Long Beach, the Port
of Oakland and the Port of Tacoma.
AMB Property Corporation.(R) Local partner to global trade.(TM)
AMB Property Corporation(R) is a leading global developer and owner of
industrial real estate, focused on major hub and gateway distribution
markets in the Americas, Europe and Asia. As of June 30, 2008, AMB owned,
or had investments in, on a consolidated basis or through unconsolidated
joint ventures, properties and development projects expected to total
approximately 155.5 million square feet (14.5 million square meters) in 47
markets within 15 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(R)
facilities-industrial properties built for speed and located near airports,
seaports and ground transportation systems.
AMB's press releases are available on the company website at
http://www.amb.com or by contacting the Investor Relations department at +1
415 394 9000.
Some of the information included in this press release contains
forward-looking statements, such as the occupation of AMB Morgan Business
Park by Dorel, and LEED(TM) certification of the facility, which are made
pursuant to the safe-harbor provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities Act of
1933, as amended. Because these forward-looking statements involve risks
and uncertainties, there are important factors that could cause our actual
results to differ materially from those in the forward-looking statements,
and you should not rely on the forward-looking statements as predictions of
future events. The events or circumstances reflected in forward-looking
statements might not occur. You can identify forward-looking statements by
the use of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends," "plans," "pro
forma," "estimates" or "anticipates" or the negative of these words and
phrases or similar words or phrases. You can also identify forward-looking
statements by discussions of strategy, plans or intentions. Forward-looking
statements are necessarily dependent on assumptions, data or methods that
may be incorrect or imprecise and we may not be able to realize them. We
caution you not to place undue reliance on forward-looking statements,
which reflect our analysis only and speak only as of the date of this
report or the dates indicated in the statements. We assume no obligation to
update or supplement forward-looking statements. The following factors,
among others, could cause actual results and future events to differ
materially from those set forth or contemplated in the forward-looking
statements: defaults on or non-renewal of leases by tenants, increased
interest rates and operating costs, our failure to obtain necessary outside
financing, re-financing risks, difficulties in identifying properties to
acquire and in effecting acquisitions, our failure to successfully
integrate acquired properties and operations, our failure to divest
properties on advantageous terms or to timely reinvest proceeds from any
divestitures, risks and uncertainties affecting property development and
construction (including construction delays, cost overruns, our inability
to obtain necessary permits and public opposition to these activities), our
failure to qualify and maintain our status as a real estate investment
trust, environmental uncertainties, risks related to natural disasters,
changes in general economic conditions or in the real estate sector,
changes in real estate and zoning laws or other local, state and federal
regulatory requirements, a downturn in the U.S., California, or the global
economy, risks related to doing business internationally, losses in excess
of our insurance coverage, unknown liabilities acquired in connection with
acquired properties or otherwise and increases in real property tax rates.
Our success also depends upon economic trends generally, including interest
rates, income tax laws, governmental regulation, legislation, population
changes, various market conditions and fluctuations and those other risk
factors discussed under the heading "Risk Factors" and elsewhere in our
most recent annual report on Form 10-K for the year ended December 31,
2007.
[Via Real Estate California]
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