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Catellus Acquires Land Parcel in Northern New Jersey
SAN FRANCISCO, Calif., March 22 /PRNewswire-FirstCall/ -- Catellus Development
Corporation (NYSE:CDX) announced today it acquired a land parcel entitled for
approximately one million square feet of industrial space in Elizabeth, New
Jersey, located one mile from the Newark Liberty International Airport and
immediately adjacent to the Port of Elizabeth. Catellus expects to demolish
existing structures and begin remediation at the site immediately, with the
first of several planned buildings, a 600,000 square foot distribution
warehouse facility, projected to be under construction by the second half of
2006.
"This extremely well located site is an outstanding industrial development
opportunity and a great place for us to apply our land development skills. The
property has excellent access to the New Jersey Turnpike and proximity to the
three biggest demand drivers in the region: the port, the airport, and New
York City," said Nelson C. Rising, chairman and CEO of Catellus. "Further,
historical land constraints in the area have led to a short supply of new
industrial product, resulting in low vacancy and growing rents."
"This redevelopment project brings new revenue, new business, and more
importantly new employment to the City," stated Mayor Chris Bollwage, City of
Elizabeth, NJ. "Our redevelopment strategies have always focused on more than
just building new structures on underutilized parcels of land. Our plans have
been to bring hope and opportunity to our residents by implementing feasible
projects that create lasting and permanent community improvements."
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 40.5 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 shareholder value, 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 core 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; non-renewal
of leases by tenants or renewal at lower than expected rates; difficulties in
identifying properties to acquire and in effecting acquisitions on advantageous
terms and the failure of acquisitions to perform as we expect; our failure to
divest of properties on advantageous terms or to timely reinvest proceeds from
any such divestitures; our failure to qualify and maintain our status as a real
estate investment trust under the Internal Revenue Code; product and
geographical concentration; industry competition; availability of financing and
changes in interest rates and capital markets; changes in insurance markets;
losses in excess of our insurance coverage; discretionary government decisions
affecting the use of land, including the issuance of permits and acceptance of
the design and construction of infrastructure improvements, and delays
resulting therefrom; disputes related to and delays in the payment of bond
reimbursements for infrastructure costs; 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; actions by
taxing authorities, or necessary recalculations by the company, requiring
retroactive changes to the tax treatment of distributions to shareholders;
environmental uncertainties, including liability for environmental remediation
and changes in environmental laws and regulations; failure or inability of
parties or 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, co-owners, and owners for whom we
provide development services; changes in policies and practices of organized
labor groups; shortages or increased costs of electrical power; risks and
uncertainties affecting property development and renovation (including
construction delays and cost overruns); 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,
2004, filed with the Securities and Exchange Commission.
Contact:
Margan Mitchell, Catellus Development Corporation
415-974-4616
Bill Reyes, City of Elizabeth
908-820-4124
DATASOURCE: Catellus Development Corporation
CONTACT: Margan Mitchell of Catellus Development Corporation,
+1-415-974-4616; or Bill Reyes of City of Elizabeth, +1-908-820-4124
Web site: http://www.catellus.com/