PROLOGIS PURCHASES LAND AT NORTHGATE FOR FUTURE INDUSTRIAL DEVELOPMENT

SUFFOLK, VA. — Prologis has acquired 83 acres at the Northgate Commerce Park in Suffolk for the future development of more than 2.1 million square feet of Class A warehouse buildings, from two individual sellers, for an undisclosed amount. The City of Suffolk Economic Authority sold 14 acres, and Upton Farms sold 69 acres. The project will begin construction this month and initial space will be available for occupancy mid-2009. Lang Williams and H. Ashton Williamson of CB Richard Ellis’s Norfolk, Va., office represented the buyer. Upton Farms was represented by Charles Dickinson of Norfolk-based Harvey Lindsey.