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SHANGHAI-AMB Property Corp has acquired its first asset in China. The San Francisco-based industrial REIT paid $8.7 million for an existing 184,000-sf industrial building here along with enough adjacent land to develop another 185,000-sf building.
The existing building, renamed AMB Jiuting Distribution Center, is located in an industrial zone approximately six miles from the Hongqiao Airport and 12 miles from Shanghai's city center. The building has 32,250 sf of ancillary office space that is currently vacant and 151,750 sf of distribution space that is leased to a distributor of pharmaceutical products and a subsidiary of a French sports gear distributor and retailer.
AMB shipped executive vice president David Fries to Shanghai in July to source deals. "To the extent we can identify [opportunities], we would expect China to represent an important part of our expanding global platform," said AMB chief executive Hamid Moghadam at the time.
The company is looking for development opportunities at airport and seaport locations in Shanghai, Beijing and the Pearl River Delta. Construction at the Shanghai development site is expected to begin in 2006.
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