Bay Area developer signs Toronto deal with Freightliner
San Francisco-based developer AMB Property Corp. Monday said it has leased 204,000 square feet of an industrial development in Toronto to Freightliner Canada Ltd., a DaimlerChrysler company and the largest heavy-duty truck manufacturer in North America.
Financial details of the deal were not released.
Located in the AMD Pearson Logistics Centre, the leased facility will serve as a truck parts distribution operation for Freightliner customers across Ontario and the U.S. northeastern region. Freightliner occupies the bulk-warehouse facility under a 10-year lease.
'With a significant population base and proximity to the U.S., the greater Toronto area is one of North America's largest industrial markets, ' said Gene Reilly, AMB's president, North America. 'The automobile sector is particularly important to the area, accounting for nearly half of the region's exports.'
In addition to the 446,400-square-foot building housing the Freightliner operation, the AMB complex includes a distribution facility totaling 205,500 square feet. Old Dutch Foods Ltd., a Canadian snack food provider, operates out of 78,000 square feet in the second building under a 10-year lease.
As of March 31, AMB owned or had investments in properties and development projects expected to total about 128.2 million square feet in 40 markets within 13 countries.
Bay Area developer signs Toronto deal with Freightliner
