VICTORVILLE, Calif., March 19, 2019 (GLOBE NEWSWIRE) -- On the heels of the announcement of the Prologis, Inc. (NYSE: PLD) acquisition of DCT Industrial Trust Inc., Stirling Development today announces its joint venture with Prologis, who will take over as 50 percent capital partner for Stirling Capital Investments. Together, the two companies plan to continue the build-out of the Southern California Logistics Airport (SCLA) in Victorville, California. SCLA is an 8,500-acre multimodal freight transportation hub supported by air, ground and rail connections that includes a 2,500-acre commercial and industrial complex entitled for 60 million square feet of development. Stirling will be responsible for development management and asset management for the venture and is currently planning the next phase of SCLA.
“We are excited to begin our relationship with Prologis and believe their involvement will further enhance our marketability at SCLA. Stirling and Prologis’ commitment to advance build-to-suit developments at the project by strategically customizing opportunities for Prologis’ existing clients as well as manufacturers and distributors will put SCLA ahead of the heightened demand for industrial warehouse space in the Inland Empire market,” said Brian Parno, chief operating officer of Stirling Development.
“Southern California is one of the most dynamic industrial real estate markets in the country given the growth of e-commerce and the limited number of large sites with logistics infrastructure,” said Kim Snyder, president of west region at Prologis. “We are confident that Stirling’s development experience paired with our market presence will result in a flow of attractive institutional-quality logistics assets.”
“We are eager to open this new chapter at SCLA and are excited to partner with Prologis,” said Dougall Agan, president and CEO of Stirling Development. “Several of Prologis’ global customers already lease facilities at SCLA, and this partnership shows their confidence in the future growth of the project. The logistical advantages and low cost of occupancy make the High Desert one of the best distribution locations for major corporations in Southern California.”
About Stirling Development
Stirling Development is a Foothill Ranch, California-based strategic, full-service, value-added development company specializing in master-planned communities and major land renovations. Stirling is led by partners Dougall Agan and Chris Downey, who have been responsible for more than $3 billion in development activity on large-scale land development projects in Los Angeles, Orange, San Bernardino and San Diego counties. Stirling’s joint venture partner for SCLA is Prologis, Inc. (NYSE: PLD). Prologis is a leading global industrial real estate company specializing in the acquisition, development, leasing and management of bulk distribution and light industrial properties located in high-volume distribution markets. For more information, visit www.stirlingdev.com.
About Prologis
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 768 million square feet (71 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,100 customers across two major categories: business-to-business and retail/online fulfillment.
| Contact: | Nicole Inal 949.521.3212 nicole@parcon.com | |