AMB Property announces $372M in new 1Q investments.

SAN FRANCISCO: AMB Property Corporation[R], a leading global developer and owner of industrial real estate, announced 2.9 million square feet of new development starts and 2.1 million square feet of acquisitions during the first quarter for an estimated total investment of approximately $372 million.

This includes $229 million of development starts and acquisitions previously announced during the quarter. Development includes:

Atlanta: Building 200 at AMB Horizon Creek is a fully pre-leased, 88,400 s/f distribution facility with a projected total investment of $5.9 million. AMB Horizon Creek, located in Atlanta's Gwinnet/l-85 submarket, will total approximately 482,400 s/f in three buildings when Building 200 is completed.

Chicago: AMB commenced development of AMB Mt. Prospect Distribution, a 228,600 s/f build-to-suit facility that is fully pre-leased to BAX Global. The two-building development, located in Chicago's O'Hare International Airport submarket, will be completed for a projected investment of approximately $26.2 million. AMB's presence in Chicago now totals approximately 14.3 million square feet of operating and development facilities.

Shanghai, China: AMB commenced its first development in China with a 185,500 s/f building at its AMB Jiuting Distribution Center in Shanghai, where AMB owns an existing 151,700 s/findustrial facility. The development will be delivered for a total projected investment of $5 million.

Acquisitions include:

Atlanta -- Strengthening its position as the largest industrial owner proximate to Hartsfield-Jackson International Airport in Atlanta, AMB acquired AMB Southridge Park for a total investment of $30 million. The seven building, 438,200 s/f portfolio is part of an established business park located in the land-constrained airport submarket.

Baltimore/Washington D.C. -- In the first quarter, AMB acquired the fully-leased, 233,600 s/f AMB Granite Hill Distribution Center within the Baltimore/ Washington Corridor, for a total investment of approximately $11.4 million. AMB now owns and operates approximately 3 million square feet in this market.

Miami -- Expanding its presence in Miami, AMB acquired the 280,700 s/f AMB Blackfin Distribution for a total investment of approximately $17.2 mil lion. AMB owns and operates approximately 6 million square feet in the Miami metropolitan area.

Northern New Jersey/New York -- AMB acquired a 14 building industrial park, AMB Generation Industrial Park, totaling 298,100 s/f in New Brunswick, New Jersey, proximate to Exit 9 of the New Jersey Turnpike, for a total investment of approximately $26.5 million. AMB owns approximately 10 million square feet in its Northern New Jersey/ New York market, where the area's airports collectively rank second in the U.S. in international cargo volumes, and its ports collectively rank second in the U.S. in total container traffic volumes.

Seattle -- In the first quarter, AMB expanded its presence in Seattle to 8 million square feet, by acquiring the 327,000 s/f AMB Upland Distribution Center for a total investment of approximately $21 million. The four-building property is located in the North Kent Valley submarket, proximate to Sea-Tac International Airport and the port of Seattle via nearby Interstate 5.