The lease is one of the largest industrial contracts signed this year in the Southeast, according to GlobeSt.com research.
ProLogis wouldn't disclose lease terms in a prepared statement. But area brokers tell GlobeSt.com on condition of anonymity, the average rental for class A distribution facilities in the park is between $3.75 per sf and $4.20 per sf. ProLogis also declined to provide construction costs.
Construction of the building will begin next month with completion scheduled for the first quarter of 2003. Falken, which currently leases 250,000-sf from ProLogis at Space Park South in Nashville, TN, will distribute its full line of tires from the new facility to its dealer network east of the Mississippi.
Falken is among the world's largest suppliers of tires and is the US subsidiary of Ohtsu Tire & Rubber Co. of Osaka, Japan.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
