AMB Leases 590,000 SF in Toronto

AMB Property Corp. has leased more than 590,000 square feet of industrial space to a wholly-owned subsidiary of a Fortune 100 company, stabilizing its more than 1.1 million-square-foot  development in the Greater Toronto Area West submarket.”The fact that AMB has fully leased a 1.1 million-square-foot development six months ahead of projected stabilization demonstrates just how focused companies are right now on streamlining operations, even in this challenging environment. We are continuing to see demand for infill-located, Class A facilities at our core hub and gateway markets,” Eugene Reilly, president of AMB’s Americas region, said in a release.As previously announced, AMB leased more than 532,000 square feet of the development to Vitran Logistics, a wholly-owned subsidiary of Vitran Corp. Inc. The property is located within within close proximity to the Trans-Canada Highway, major intermodal rail yards and the airport. As of September 30, AMB’s portfolio in the Greater Toronto Area totaled more than 4.3 million square feet of operating and under development properties.