ProLogis Takes 300,000 SF Feet near Tokyo

By: Tom Dworetzky, News Editor

--ProLogis Japan Properties Fund II has acquired a $65 million portfolio near Tokyo, it has reported. The deal includes three buildings totaling 300,000 square feet, all fully leased to three separate Japanese companies, located in Akishima City, a logistics hub approximately 50 kilometers from Tokyo's central business district.

Akishima City provides a base to support a vast distribution area encompassing Tokyo's city center, northern Kanagawa and southern Saitama, according to Masato Miki, co-president of Japan for ProLogis.

The property, to be called ProLogis Park Akishima, offers exceptional access to Route 16, Chuo Expressway and Ken-Oh Expressway, as well as the Akishima commuter station. ProLogis will maintain current lease agreements with existing customers in the park -- 3A Logistics, a subsidiary of K.R.S. Co. and one of the largest food distributers in Japan; Kokubu Co. Ltd., the largest food wholesaler in Japan; and FamilyMart Co., Ltd., one of the major convenience store chains in Japan.

The portfolio was purchased from a major real estate company in Japan that invests in residential, commercial and office markets. ProLogis' Japan portfolio totals 37.1 million square feet of industrial space owned, managed or under development.