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Catellus Acquires Land Entitled for 3.25 Mil S.F. in New Jersey
SAN FRANCISCO, Oct. 1 /PRNewswire-FirstCall/ -- Catellus Development
Corporation (NYSE:CDX) announced today it has acquired 290 acres of land at
Exit 12 of the New Jersey Turnpike in Woodbridge, northern New Jersey. The
site, which is adjacent to the previously acquired 25-acre parcel in Carteret
where Catellus is developing an approximately 360,000 square foot warehouse
facility, has been approved for up to 3.25 million square feet of industrial
space. Development is expected to occur over five to seven years, with a
projected total investment, at completion, of approximately $175 million.
"We are excited to have acquired such a well-located site, significantly
increasing our presence in the country's third largest distribution market,"
said Nelson C. Rising, Catellus chairman and CEO. "It's a large infill site
located near the port of New Jersey, in a submarket with a low vacancy rate and
virtually no new big-box distribution facilities. By applying the same set of
land development skills we've applied successfully at other challenging sites,
like our Kaiser project in southern California, we expect to redevelop the site
and create a state-of-the-art industrial park, which we have named Port Reading
Business Park."
Catellus Development Corporation is a publicly traded real estate development
company that began operating as a real estate investment trust effective
January 1, 2004. The company owns and operates approximately 41.4 million
square feet of predominantly industrial property in many of the country's major
distribution centers and transportation corridors. Catellus' principal
objective is sustainable, long-term growth in earnings, which it seeks to
achieve by applying its strategic resources: a lower-risk/ higher-return
rental portfolio, a focus on expanding that portfolio through development, and
the deployment of its proven land development skills to select opportunities
where it can generate profits to recycle back into its business. More
information on the company is available at http://www.catellus.com/.
Except for historical matters, the matters discussed in this release are
forward-looking statements that involve risks and uncertainties.
Forward-looking statements include, but are not limited to, statements about
plans, opportunities, and development. We caution you not to place undue
reliance on these forward-looking statements, which reflect our current beliefs
and are based on information currently available to us. We do not undertake any
obligation to publicly revise these forward-looking statements to reflect
future events or changes in circumstances, except as may be required by law.
These forward-looking statements are subject to risks and uncertainties that
could cause our actual results, performance, or achievements to differ
materially from those expressed in or implied by these statements. In
particular, among the factors that could cause actual results to differ
materially are: changes in the real estate market or in general economic
conditions, including a worsening economic slowdown or recession; product and
geographical concentration; industry competition; availability of financing and
changes in interest rates and capital markets; changes in insurance markets;
discretionary government decisions affecting the use of land, and delays
resulting therefrom; changes in the management team; weather conditions and
other natural occurrences that may affect construction or cause damage to
assets; changes in income taxes or tax laws; liability for environmental
remediation and changes in environmental laws and regulations; failure or
inability of third parties to fulfill their commitments or to perform their
obligations under agreements; failure of parties to reach agreement on
definitive terms or to close transactions; increases in the cost of land and
construction materials and availability of properties for future development;
limitations on, or challenges to, title to our properties; risks related to the
financial strength of joint venture projects and co-owners; changes in policies
and practices of organized labor groups; shortages or increased costs of
electrical power; other risks inherent in the real estate business; and acts of
war, other geopolitical events and terrorists activities that could adversely
affect any of the above factors. For further information, including more
detailed risk factors, you should refer to Catellus Development Corporation's
annual report on Form 10-K for the fiscal year ended December 31, 2003, and its
report on Form 10-Q for the quarter ended June 30, 2004, filed with the
Securities and Exchange Commission.
Contacts:
Margan Mitchell
Vice President, Corporate Communications
Catellus Development Corporation
415-974-4616
DATASOURCE: Catellus Development Corporation
CONTACT: Margan Mitchell, Vice President, Corporate Communications of
Catellus Development Corporation, +1-415-974-4616
Web site: http://www.catellus.com/