(To read more on the industrial market, click here.)
SHANGHAI-The sporting goods company Decathlon has leased a recently renovated 188,000-sf industrial building here from AMB Property Corp. The building is one of two within AMB Property Corp.'s Jiuting Distribution Center. Decathlon previously leased 76,000 sf in the first building at the park, which totals 151,000 sf, giving it more than 75% of the park.
AMB Jiuting Distribution Center is located near Hongqiao Airport. The length of the lease commitment and the negotiated lease rate was not released by the parties involved and not otherwise immediately available. As of the end of the year, the average annualized lease rate at the park was $3.62 per sf, according to SEC filings.
Decathlon operates its logistics division serving the China region from AMB Jiuting Distribution Center. Decathlon is headquartered in France and has 374 stores throughout Europe, Asia and South America, including five stores in Shanghai.
AMB entered Asia in 2002 and its portfolio there now totals approximately 8.5 million sf of operating and development properties, which equals approximately 7% of its overall 124.7-million-sf portfolio. AMB's principal office in China is in Shanghai. An AMB officials was not immediately available Wednesday morning for comment.
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.
