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SHANGHAI-Sealed by a commitment from electronics retailer Best Buy, the 600,000-sf ProLogis Park Minhang has hit 100% occupancy less than a year after ProLogis acquired the property. The complex includes an existing structure and four new facilities currently under construction in one of China's most vibrant manufacturing districts.

"We anticipated strong customer interest in the park at the time we made our initial investment, but demand has exceeded our initial expectations," says Ming Mei, president of China operations for the Denver-based real estate investment trust. ProLogis management has been so pleased that additional land has been secured in the Shanghai market, notes Mei, adding that company officials "look forward to continued expansion of our customer base through new agreements with local and international companies."

In the transaction that filled ProLogis Park Minhang, Best Buy agreed to lease nearly 70,000 sf, roughly half of one of the buildings under construction. "Our new distribution center will serve as an integral component of the supply chain supporting the growth of our business in Shanghai," says Patrick Xu, logistics director for Best Buy's China retail platform. The firm is preparing to open several stores in the city of 20 million people.