Prologis, Inc. (NYSE: PLD
) announced Wednesday it has signed two build-to-suit agreements with BMW of North America, LLC totaling 609,000 square feet for buildings in Redlands, CA, and south of the Dallas market, to be used as logistics space for the luxury carmaker.
The first development of 326,500 square feet will be located in Redlands, CA, at Prologis Redlands Distribution Center 11 in the Inland Empire market. The LEED Silver certified facility will provide an expansion option for an additional 96,000 square feet, increasing the potential space to 422,500 square feet.
The second facility will be located in the Dallas market at Prologis Park 20/35. The building will total 282,000 square feet, expandable to 370,000 square feet. At build-out, the park now under construction in Lancaster south of Dallas will include more than 3.1 million square feet of logistics space.
Both buildings will target LEED Silver certification.
In addition, Prologis agreed to acquire a 204,000-square-foot distribution facility from BMW in the Inland Empire West submarket in Ontario, CA. Prologis expects strong customer interest in the property.
Terms of the building sale and build-to-suit developments were not disclosed.
"These new agreements demonstrate the power of our strong global customer relationships and increase BMW’s portfolio with Prologis to more than 2.2 million square feet in five markets, all of which have been build-to-suits," said Richard Strader, Prologis senior vice president of global customer solutions.