Oakville, Ontario (PRWEB) June 9, 2005
Cooper Construction Limited of Oakville, Ontario has been selected by AMB Property Corporation (NYSE:AMB), a global developer and owner of industrial real estate, to build AMBÂs first project in Canada. AMB recently acquired a 33-acre site and 15-acre option from Cooper Construction on Regional Road 25, just north of Highway 401, which will support development of one million square feet of logistics and distribution space in the Greater Toronto Area (GTA).
Demand for industrial space in the GTA continues to be strong with average vacancy rates in the 5% range over the past 10-years. The GTA is North AmericaÂs fourth largest industrial market, after Los Angeles, Chicago and the greater New York/New Jersey area. Its geographic position and significant manufacturing base make it an extremely important North American distribution hub market. One quarter of CanadaÂs consumer population lives with a 100-mile radius of the GTA and approximately half the U.S. population is located within a one-day drive of TorontoÂs prime industrial locations.
ÂAMB Milton/401 Business Park is well situated for third-party logistics and bulk distribution customers,Â said Jay Cornforth, AMBÂs senior vice president, development. ÂThe park is located just 15-20 minutes from Toronto Pearson International Airport, has rapid access to Highway 401 and is two and a half hours from the Detroit/Windsor border crossing Â CanadaÂs busiest point of land entry. The highly functional and well-located product we are developing with Cooper Construction will help our customers speed their goods to market.Â
Cooper Construction, which has been actively engaged in all aspects of the construction industry in Ontario since 1905, is providing design/build construction services for AMB, including architectural, structural, mechanical and electrical together with turnkey construction services for the state-of-the-art facility.
ÂWe have worked with AMB to create the GTAÂs most functional distribution facility in the market,Â said Ken Nevar, Executive Vice President, Cooper Construction. "With rapid access to customers via Highway 401, the AMB Milton/401 Business Park development is ideally suited for companies looking for a well-positioned location in the flourishing community of Milton."
The facility plans call for outside storage accommodating ample trailer parking and 52-foot wide bays. Building depths will be approximately 355 feet with a clear height of 28 feet and column spacing of 52 x 50 feet. The facility will be rear loaded, with a dock door ratio of 1/7,000 square feet and independent truck courts of 183 feet. The property will benefit from ESFR sprinkler systems and has been granted M2 zoning status, encompassing both warehouse and distribution uses.
The listing team of Gord Cook and Ian Gragtmans of Colliers International will represent AMB in the leasing of AMB Milton 401 Business Park. They have successfully closed more than 11 million square feet of real estate transactions since 1998.
About Cooper Construction http://www.coopercon.com
Cooper Construction is a leading Canadian best-practices company engaged in commercial/industrial real estate development, design-build construction and construction management. Cooper is a third-generation family-owned construction company, with a 100-year history of innovative excellence.
About AMB Property Corporation http://www.amb.com
AMB Property Corporation is a leading owner and operator of industrial real estate, focused on major hub and gateway distribution markets throughout North America, Europe and Asia. As of March 31, 2005 AMB owned, managed and had renovation and development projects totaling 110.3 million square feet (10.3 million square meters) and 1,085 buildings in 38 markets within eight countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput DistributionÂ® facilities Â industrial properties built for speed and located near airports, seaports and ground transportation systems.
Kenneth A. Nevar , Executive Vice President,
Cooper Construction Ltd.,
(905) 829-0444 or email@example.com
Rachel McKosky, Marketing & Media Relations Manager,
AMB Property Corporation,
(415) 733-9532 or firstname.lastname@example.org
Gord Cook, Senior Vice-PresidentÂ orÂ
Ian Gragtmans, Industrial Vice-President,
(416) 626-1700 email@example.com or firstname.lastname@example.org
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