ProLogis signs two leases in New Jersey development project Prologis announced it is converting a former New Jersey landfill site into a LEED-certified logistics property and signed two leases totaling 740,000 square feet prior to the start of construction. A wholesale packaging distributor will occupy 395,000 square feet while an e-commerce food retailer will occupy 345,000 square feet. An additional 140,000 square feet of speculative space will also be developed.
Prologis price target raised to $50 from $45 at Oppenheimer Oppenheimer believes that the beneficial operating environment coupled with a robust development pipeline should allow Prologis to grow its FFO faster than its peers for the next two years. The firm expects the stock's valuation to rise relative to its peers and it keeps an Outperform rating on the shares.