Industrial real estate investment trust (REIT) – Prologis, Inc. (PLD) – disclosed a preleasing deal with APL Logistics for 387,400 square feet of space in Mexico City. This deal, inked with a repeat customer – an international integrated supply chain service provider – signifies solid demand for the company’s properties in this region.
Specifically, the lease deal pertains to space at Prologis Park Izcalli Building 3 next to the NAFTA Highway. Positioned in the master-planned industrial park, spanning 1 million square feet, the property enjoys good accessibility and consequently, high demand.
In fact, the latest prelease deal makes the park fully leased. APL Logistics is making notable investments in the Mexican market and the current deal reflects Prologis’ capacity to offer modern Class-A facilities to its customers.
In fact, Prologis has been capitalizing on global growth opportunities, making significant investments in the U.S., China, Europe, Japan and Mexico in the recent quarters. With a larger customer base, rise in e-Commerce application and supply-chain consolidation, there is an increasing demand for high-quality logistics facilities in these markets.
Amid this environment, Prologis is efficiently capitalizing on available growth opportunities. The company is already into ownership and management of around 31.9 million square feet of logistics and distribution space in Mexico as of Jun 30, 2014.
Prologis currently carries a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider better-ranked stocks like DCT Industrial Trust Inc. (DCT), Extra Space Storage Inc. (EXR) and Gladstone Commercial Corp. (GOOD). All these stocks have a Zacks Rank #2 (Buy).
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