Best Buy and Prologis Sign China Lease

Best Buy will occupy half of a distribution center at ProLogis Park in the new industrial park at Minhang. Best Buy will use the facility to support retail stores in the Shanghai market.

The park, which is under development, will comprise five warehouses totaling over 600,000 square feet and is now fully pre-leased.

This is the fourth lease ProLogis has completed with Best Buy. The retailer occupies an additional 412,000 square feet at US locations in Kentucky, Texas, and Maryland.

The Minhang District is home to a large number of government-sponsored industrial parks and manufacturing facilities operated by multi-national companies, said ProLogis. ProLogis acquired the park site in September 2006. At that time, it included land and a single distribution center. ProLogis is currently building four new warehouse facilities at the property. Other companies which have pre-leased sapce at the park include Penske Logistics, Pioneer, Schenker, Toshiba and two Asia-based providers of third-party logistics services.