AMB Amb Property Corp.

AMB Property Corp. (AMB), a real estate investment trust, has leased its Edgewater Industrial Center in Oakland, a 400,000 square feet center spread across 19 acres of land and located on Edgewater Drive, within minutes of the Oakland International Airport and Oakland Port. The center was leased to three new tenants.

Of the three tenants, the largest area of 192,680 square feet was taken up by Exel Inc., a logistics company for its warehouse. One Source Distributors Holdings Inc., a distributor of electrical, utility and industrial automation products, leased 108,000 square feet to relocate its Union City regional warehouse and distribution operations to the Edgewater center. The third tenant, One Workplace LLC, an office furniture company, leased 17,677 square feet of office space.

The industrial center being leased is an indicator of the recovery of the industrial markets and the positive outlook of companies towards growth taking up larger spaces for their expansion plans.

AMB is a leading industrial real estate company with a strong portfolio of warehouses and distribution facilities in some of the busiest distribution markets of the globe. The company’s properties are located in close proximity to airports, seaports and ground transportation facilities, which enable swift distribution of customers’ products.

AMB currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp. (DRE), currently retains a Zacks #2 Rank, which translates into a short-term Buy rating.

 
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