ProLogis, a leading global provider of distribution facilities and services, announced that it will develop a new, state-of-the-art industrial warehouse in metropolitan Tokyo's Chiba Prefecture, one of Japan's largest industrial areas.
The six-story, multi-tenant facility, to be called ProLogis Parc Narashino III, will comprise approximately 527,000 square feet (49,000 square meters) of industrial space.
The building will be developed on land acquired in a previously announced transaction. Construction is scheduled to begin before the end of the year, with a total expected investment of approximately US$70 million.
"Demand for well-situated, high-quality distribution facilities across Japan continues to be exceptional," said Mike Yamada, Co-President of Japan operations for ProLogis.
"The $1.6 billion industrial property portfolio held by our two Japan funds remains 100 percent leased, and we see strong customer interest in the new inventory facilities in our development pipeline. ProLogis Parc Narashino III will further enhance our platform here, and we look forward to marketing the facility to companies with distribution needs in the Chiba area."
The new park will be located on a vacant, 6-acre waterfront parcel on the east side of Tokyo Bay, approximately midway between downtown Tokyo and Narita International Airport. The property was acquired earlier this year from Renown, a Japanese manufacturer and distributor of textiles and apparel.
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