AMB Property Pre-Leases 309,000SF Development to 3M in Toronto

AMB Property Corp. has fully pre-leased a 309,000-square-foot distribution facility in the Greater Toronto area in Canada to 3M Canada, a wholly-owned subsidiary of 3M, the company said today.The construction on the AMB Milton 401 Business Park-Building C is scheduled to begin in the second quarter of 2008, with delivery in advance of 3M Canada’s lease commencement in the second quarter of 2010. The property provides access to the nearby Trans Canada Highway and Toronto Pearson International Airport.“3M Canada will consolidate operations into AMB Milton 401 Business Park-Building C because it is strategically located, highly efficient in its design and will be delivered using sustainable development and building maintenance practices,” said Jim Brock, 3M Canada’s vice president of supply chain operations in a release.As of Dec. 31, 2007, AMB’s portfolio in the Greater Toronto area totals more than 2.7 million square feet of operating and development facilities. Last month, the firm has leased approximately 318,000 square feet in a development of Narita Air Cargo Centre – Building C at Tokyo’s Narita International Airport to Nippon Express and Crocs Asia Private Limited. Additionally, AMB Property has expanded its presence in northern New Jersey with the acquisition of approximately 50 acres of land in Jersey City. The company plans to develop an 878,000-square-foot, cross-docked facility on the site, AMB Pulaski Distribution Center, to serve the nearby Port of New York and New Jersey.