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AMB Property Corporation(R) Enters Tijuana with Acquisition of Distribution Facility Fully Leased to Hitachi Transport

AMB Property Corporation(R) Enters Tijuana with Acquisition of Distribution Facility Fully Leased to Hitachi Transport
Posted on : 2007-05-30 | Author : AMB Property Corporation
News Category : PressRelease

SAN FRANCISCO, May 30 /PRNewswire-FirstCall/ -- AMB Property Corporation(R) , a leading global developer and owner of industrial real estate, today announced it has entered the Tijuana market with the acquisition of a 264,000 square foot facility that is fully leased to Hitachi Sistema de Transporte Mexico, S.A. de C.V., a subsidiary of Hitachi Transport System (America), Ltd. The facility, named AMB Frontera Distribution Center, is located approximately 2.5 miles from the Otay Mesa U.S./Mexico border crossing.

Hitachi Transport System (America), Ltd., a solely owned subsidiary of Hitachi Transport System Ltd. in Japan, operates an international cargo transportation network. Hitachi is using AMB Frontera Distribution Center for the distribution of home electronics and other products manufactured in Mexico bound for the U.S. Hitachi is a global customer, leasing space from AMB in the Paris, Tokyo, Chicago, San Francisco Bay Area, and Tijuana markets.

"AMB is pleased to enter the Tijuana market, one of the most important manufacturing and distribution centers in North America and a key link between Mexico and the U.S.," said Gene Reilly, AMB's president, North America.

AMB acquired AMB Frontera Distribution Center on behalf of its Mexico fund, a co-investment joint venture that invests in distribution facilities in targeted markets in Mexico.

"With local partner G. Accion, we have entered Tijuana in the Otay Mesa submarket which is desirable due to its location and concentration of important multinational businesses," said Kim Snyder, AMB's managing director, Southwest Region. "With about 1.5 million truck crossings annually, the Otay Mesa Port of Entry is the largest commercial crossing over the California/Mexico border."

AMB's Mexico portfolio is now comprised of operating and development real estate in Guadalajara, Mexico City, Monterrey, Tijuana and Queretaro -- a portfolio totaling approximately 6 million square feet.

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 throughout North America, Europe and Asia. As of March 31, 2007, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 128.2 million square feet (11.9 million square meters) in 40 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(R) facilities-industrial properties built for speed and located near airports, seaports and ground transportation systems.

Published Thursday, May 31, 2007 1:03 PM by Kanoa Biondolillo

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