21-Building Menlo Science & Technology Park Positioned for Higher and Better Use
SAN FRANCISCO, Feb. 6, 2015 — Prologis, Inc. (NYSE: PLD), the global leader in industrial real estate, today announced the sale of a 21-building, 56-acre industrial park to Facebook, Inc.
Menlo Science & Technology Park is located on Willow Road between Highway 101 and the Dumbarton Bridge in Menlo Park, Calif. Prologis has owned and managed the property since 1998.
“Land constraints and increased urbanization pressures in markets such as Silicon Valley support the monetization of select infill assets,” said Michael Curless, chief investment officer, Prologis. “This project and others in our portfolio benefit from our dedicated team who understand how to identify and unlock the intrinsic value in our value-added conversion properties.”
“Our team has spent the past several years planning the conversion of this site for higher and better use,” said Mark Hansen, senior vice president, value added investments, Prologis. “We are pleased to see our efforts materialize and provide a strong foundation for the future redevelopment of the site.”
As part of the transaction, Prologis will provide ongoing management services on behalf of Facebook.
Prologis, Inc., is the global leader in industrial real estate. As of December 31, 2014, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 590 million square feet (55 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,700 customers, including third-party logistics providers, transportation companies, retailers and manufacturers.