"Mixed use and retail represents a great opportunity for us," says Ted Antenucci, ProLogis' president of global development. "There's pretty good upside in some of these deals. It made sense to grow the business."

In North America, the company is targeting retail with large anchor stores as part of larger, multi-use developments near urban areas with infill opportunities, such as developments it has done on former bases and industrial plants. For example, in Austin, TX, it is redeveloping the former Robert Mueller Municipal Airport, where 220,000 sf of retail recently opened, and up to an additional 480,000 sf is planned.

The firm is also finding synergy with some of the domestic retail tenants in its distribution centers. Best Buy, Home Depot and Wal-Mart are among the chains that have worked with the company on both industrial and retail developments.