ProLogis Expands Presence in Japan with 458,000SF Project

Denver-based industrial real estate giant ProLogis is expanding its presence in greater Nagoya, Japan, with the development of a four-story, multi-tenant facility distribution facility totaling about 458,000 square feet (42,500 square meters). The complex, to be called ProLogis Parc Kitanagoya, will be in Kitanagoya City, a suburb of Nagoya, and will be completed next year. Though less-well known outside Japan than the urban centers of Tokyo and Osaka, Nagoya–on the Pacific coast of the main Japanese island of Honshu, roughly between Tokyo and Osaka–is an important domestic and international distribution hub, according to ProLogis. The metro Nagoya population is about 7 million, which for comparison is about a million larger than the Dallas-Fort Worth MSA, and Nagoya is at a central point in Japan’s rail and road infrastructure. The new Chubu International Airport, which opened on an artificial island south of Nagoya in 2005, represented a significant expansion of distribution infrastructure for the area. Operating 24 hours a day, the new airport’s cargo handling capacity is about 300,000 tons for international cargo and 60,000 tons for domestic cargo per year. ProLogis Parc Kitanagoya will be the company’s fifth facility, and third multi-tenant facility, in the Nagoya market. Recently, ProLogis leased about 60,000 square feet (24,000 square meters) to Nippon Express at ProLogis Parc Komaki, which is about three miles from the new development. Separately, ProLogis Japan Properties Fund II has acquired a 112,000-square-foot (10,400-square-meter) building near Osaka from Nippon Steel Corp. for a about $15.7 million. The deal includes a 20-year lease with Higashi Twenty One Co., an Osaka-based transportation company. The facility, to be called ProLogis Parc Sakai, is located in Sakai City.Blog Comments