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AMB Fund Buys 2M-SF Portfolio

SAN FRANCISCO-The $181-million acquisition expands the industrial REIT's presence at international airports in Seattle, Houston and Dallas.

By Brian K. Miller | Updated on November 02, 2006

SAN FRANCISCO-Locally headquartered AMB Property Corp. has acquired a 2.1 million-sf portfolio of airfreight buildings and 131 acres of developable land for $181 million. The buildings are spread among international airports serving Seattle, Dallas and Houston.

The portfolio was acquired for AMB Institutional Alliance Fund III, the REIT’s open-end US co-investment fund. The purchase price includes cash, assumed debt and partnership units of AMB Property II LP.

The air-freight buildings are located within 1.5 miles of Seattle-Tacoma International Airport, Dallas Fort Worth International Airport and George Bush Intercontinental Airport in Houston. The excess developable land is in Houston and Atlanta.

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