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AMB Allies With Online Grocer

SAN FRANCISCO-The owner-operator of industrial real estate says it is benefiting from, but not relying too heavily on, the new economy. Webvan is its biggest tenant, but it only rents 1.5 percent of AMB's space.

By Brian K. Miller | Updated on August 25, 2000

AMB Property Corp. has formed an alliance with online grocer Webvan Group Inc. to find and lease space for the retailer’s wares in different spots around the country. The San Francisco-based REIT also invested about $5 million in Webvan before its IPO, giving it a small stake.

AMB President Blake Baird said the Webvan’s real estate needs – warehouses located in major population centers that allow the rapid movement of goods – matched up with AMB’s property portfolio. Besides offering its own space, the REIT is also helping Webvan find space in buildings owned by other companies.

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