Catellus Leases One Million S.F. in Two Southern California Industrial Buildings
17 December 2003 - 7:46AM
PR Newswire (US)
Catellus Leases One Million S.F. in Two Southern California
Industrial Buildings SAN FRANCISCO, Dec. 16 /PRNewswire-FirstCall/
-- Catellus Development Corporation announced today it has executed
two leases totaling over one million square feet in two industrial
warehouse facilities located at two of its business parks in San
Bernardino County, in Southern California. TSA Stores, Inc., a
wholly owned subsidiary of The Sports Authority, Inc., the largest
sporting goods retailer in the country, signed a 123-month lease
for a 616,500 square foot speculative development building,
scheduled for completion in March 2004, at Kaiser Commerce Center.
TSA will take occupancy in April 2004. Including the building
leased to TSA Stores, Inc., Catellus has leased or sold
approximately 3.7 million square feet of recently developed
distribution/warehouse space at Kaiser Commerce Center in the past
30 months. Toto USA, Inc., a wholly owned subsidiary of Toto Ltd.,
the largest toilet manufacturer in the world, signed a 62-month
lease for an existing 406,000 square foot building located at
nearby Ontario Pacific Distribution Center. The lease commenced
November 1, 2003. Ontario Pacific Distribution Center consists of
1.3 million square feet in four fully leased buildings developed by
Catellus. Both the 588-acre Kaiser Commerce Center, a former steel
mill site acquired by a wholly owned subsidiary of Catellus in June
2000, and Ontario Pacific Distribution Center are located in
Southern California's Inland Empire, near the Ontario International
Airport and adjacent to the intersection of Interstates 10 and 15,
a location considered to be the center of the most sophisticated
transportation network in the western United States. Catellus owns
and manages approximately 8.7 million square feet of 100 percent
leased industrial property in the Inland Empire, most of which it
developed. Catellus Development Corporation is a publicly traded
real estate development company that owns and operates
approximately 38.2 million square feet of predominantly industrial
property in many of the country's major distribution centers and
transportation corridors. The company's principal objective is
sustainable, long-term growth in earnings, which it seeks to
achieve by applying its strategic resources: a
lower-risk/higher-return rental portfolio, a focus on expanding
that portfolio through development, and the deployment of its
proven land development skills to select opportunities where it can
generate profits to recycle back into its business. More
information on the company is available at
http://www.catellus.com/. Except for historical matters, the
matters discussed in this release are forward-looking statements
that involve risks and uncertainties. Forward- looking statements
include, but are not limited to, statements about plans,
opportunities, and development. We caution you not to place undue
reliance on these forward-looking statements, which reflect our
current beliefs and are based on information currently available to
us. We do not undertake any obligation to publicly revise these
forward-looking statements to reflect future events or changes in
circumstances, except as may be required by law. These
forward-looking statements are subject to risks and uncertainties
that could cause our actual results, performance, or achievements
to differ materially from those expressed in or implied by these
statements. In particular, among the factors that could cause
actual results to differ materially are: ability to obtain the
consents and satisfy the various other requirements for
consummating the conversion of our business to a real estate
investment trust (REIT) and the timing of the REIT conversion;
changes in the real estate market or in general economic
conditions, including a worsening economic slowdown or recession;
product and geographical concentration; industry competition;
availability of financing and changes in interest rates and capital
markets; changes in insurance markets; discretionary government
decisions affecting the use of land, and delays resulting
therefrom; changes in the management team; weather conditions and
other natural occurrences that may affect construction or cause
damage to assets; changes in income taxes or tax laws; liability
for environmental remediation and changes in environmental laws and
regulations; failure or inability of third parties to fulfill their
commitments or to perform their obligations under agreements;
failure of parties to reach agreement or definitive terms or to
close transactions; increases in the cost of land and construction
materials and availability of properties for future development;
limitations on, or challenges to, title to our properties; risks
related to the financial strength of joint venture projects and
co-owners; changes in policies and practices of organized labor
groups; shortages or increased costs of electrical power; other
risks inherent in the real estate business; and acts of war, other
geopolitical events and terrorists activities that could adversely
affect any of the above factors. For further information, including
more detailed risk factors, you should refer to Catellus
Development Corporation's annual report on Form 10-K/A for the
fiscal year ended December 31, 2002, and its reports on Form 10-Q
for the quarters ended March 31, 2003, June 30, 2003, and September
30, 2003, filed with the Securities and Exchange Commission
("SEC"), as well as the proxy statement/prospectus filed with the
SEC on August 15, 2003. Information contained in this press release
is not a substitute for the proxy statement/prospectus.
STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS, BECAUSE OF ITS IMPORTANT INFORMATION,
INCLUDING DETAILED RISK FACTORS, ABOUT CATELLUS DEVELOPMENT
CORPORATION AND THE PROPOSED REIT CONVERSION. The proxy
statement/prospectus is available free of charge at the SEC's
website ( http://www.sec.gov/ ), or at the company's website (
http://www.catellus.com/ ), or by directing a request for such a
filing to Catellus Development Corporation at 201 Mission Street,
Second Floor, San Francisco, California, 94105, Attn.: Director of
Investor Relations, or by telephone at 415-974-4649, or by email to
. Contacts: Margan Mitchell Minnie Wright Corporate Communications
Investor Relations 415-974-4616 415-974-4649 DATASOURCE: Catellus
Development Corporation CONTACT: Margan Mitchell, Corporate
Communications, +1-415-974-4616, or Minnie Wright, Investor
Relations, +1-415-974-4649, both of Catellus Development
Corporation Web site: http://www.catellus.com/
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