CPE’s 2018 Industrial Property Executive of the Year

FIRST PLACE:

Hamid Moghadam
Chairman & CEO, Prologis

Hamid Moghadam

Mover & Shaker: Moghadam co-founded the predecessor to San Francisco-based Prologis, AMB Property Corp., in 1983 and led it through its IPO in 1997 and its merger with ProLogis in 2011. Moghadam is No. 17 on Harvard Business Review’s 2018 list of the 100 Best-Performing CEOs in the World.

Prologis by the Numbers: The company owns or has investments in 771 million square feet of logistics real estate in 19 countries, with approximately $92 billion in assets under management and $35 billion in strategic capital assets through eight geographically diverse funds under management. Prologis leases 3,742 modern logistics facilities to a diverse base of 5,500 customers across two major categories: business-to-business and retail/online fulfillment.

Awards: Prologis has been recognized by the Global Real Estate Sustainability Benchmark with numerous top Green Star rankings for its sustainability accomplishments and was named the 2018 Industrial Leader in the Light for the seventh consecutive year by the National Association of Real Estate Investment Trusts.

Strategic Acquisition: In August, Prologis acquired DCT Industrial Trust for $8.5 billion, including assumption of debt. The DCT portfolio features a 71 million-square-foot owned and managed operating portfolio; 7.5 million square feet of development, redevelopment and value-added projects; and 305 acres of land in pre-development and 131 acres of land under contract or option with a build-out potential of more than 1.6 million square feet.

First U.S. Multi-Story Distribution Center: Prologis’ industry-leading Georgetown Crossroads is located minutes from downtown Seattle, the Port of Seattle and multiple rail nodes. The first two levels of the 590,000-square-foot facility are slated for fulfillment and the third is designated as maker’s space. To date, no customers have been announced.

Operational Excellence: Prologis reported third quarter 2018 earnings of 72 cents a share, up from 67 cents a share over the same period last year, beating analyst expectations. It generated rental revenues of $609 million, up from $531.2 million last year. Occupancy through the end of the quarter stood at 97.5 percent in the U.S. and 98 percent in Europe.

Moghadam on Prologis: “The future flow of goods depends on Prologis. Automation, autonomous vehicles and the Internet of Things, among other fast-evolving technologies, are poised to shake up our industry’s status quo. Daily dialogue with our customers allows us to see the world through their eyes and affords us a unique view into tomorrow’s opportunities. Our next-generation innovations for supply chains and logistics, sustainability and construction, business intelligence and real estate technology will benefit our customers and shareholders over the long term and help us as a company stay ahead of what’s next.” — Sibley Fleming

HONORABLE MENTION:

Robert Chapman
CEO, CenterPoint Properties

Robert Chapman

Logistics Expert: Chapman leads a privately held company focused on the development, acquisition and management of industrial property and related rail, road and port infrastructure. Prior to joining Chicago-based CenterPoint in 2013, he was COO of Duke Realty Corp. Previously, he held exeutive positions with RREEF Funds, Hines Interests and Lincoln Property Co.

New Projects & Tenants: In 2018, the company acquired properties and portfolios in such key distribution markets as Northern and Southern California, South Florida, Houston, the Greater Seattle area and port-related submarkets of New Jersey. On the development front, it began construction on the 440,000-square-foot CenterPoint Landing on the Seaport Logistics Campus at the Port of Oakland, Calif., and completed a built-to-suit container yard for KW International, an international third-party logistics company, at CenterPoint’s LakeView Corporate Park, one mile north of the Illinois-Wisconsin border. It also closed a five-year lease of a new 417,384-square-foot speculative building to Uline Inc. at 11559 80th Ave. in Pleasant Prairie, Wis. And it announced a 450,660-square-foot speculative building within the CenterPoint Intermodal Center in Kansas City, where in February a 300,000-square-foot speculative facility was leased to three tenants. In December, CenterPoint became an EPA Energy Star partner. — Therese Fitzgerald

Adon Panattoni
CEO, Panattoni Development Co.

Adon Pannattoni

Builder to Suit: In addition to leading operations and development activities for the company’s 14 U.S. offices, Panattoni serves on the company’s board and its executive and investment committees. Prior to becoming CEO, he was regional director for development operations in Southern California and, before that, Southern California Retail Partner. Before joining the company his father founded in 1986, he was an investment sales broker for Colliers International. Before Colliers, he was a relationship manager for Wells Fargo in the downtown San Francisco Real Estate Group.

Major Transactions: Specializing in industrial, retail and office build-to-suits, Panattoni Development had 38 development projects under construction at the end of 2018. These projects totaled 14.8 million square feet and were valued at $1.08 billion. Major transactions last year included leasing an 800,000-square-foot speculative distribution center to S&S Activewear in Reno, Nev.; signing an 815,670-square-foot build-to-suit lease with Dorman Products in Portland, Tenn.; and breaking ground on a 647,000-square-foot distribution center for Loloi in Bartow, Ga. Since its inception, the company has completed 320 million square feet of development—110 million square feet has been build-to-suits. In addition to its U.S. presence, the company has eight offices in Europe and two in Canada. — Therese Fitzgerald