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Cold Storage Warehouse Renewal for Lease: LF Itabashi

09/03/2020

  • Kokyo Logistics executes pre-lease for North Wing (7,700 sqm)
  • South Wing (8,900 sqm) marketed for lease to new tenants

Cushman & Wakefield, a leading global real estate services firm, announced today that Cushman & Wakefield Asset Management K.K. will execute a value-add strategy and renovate a warehouse located in Itabashi Ward, Tokyo, to provide cold storage facilities. The property’s North Wing will be occupied from September 2020, and the South Wing is currently being marketed to new tenants.

LF Itabashi is a cold storage warehouse premise that is over 20 years old, with a total floor area of approx. 16,600 sqm (approx. 5,000 tsubo) in two wings. Cushman & Wakefield identified a need for better cold storage technology and is upgrading the existing premises with the latest refrigeration and frozen food technology that can provide temperatures down to minus 25 degrees.

The North Wing, which consists of a floor area of approx. 7,700 sqm (approx. 2,320 tsubo), has been pre-leased to Kokyo Logistics Co., Ltd. The facility will be renovated to meet the tenant’s requirements and will be occupied from September 2020.

The South Wing has a floor area of approx. 8,900 sqm (approx. 2,690 tsubo). Similarly, it can be customized to suit the tenant’s desired temperature requirements. The facility, which will be available in 2021, is now being marketed to new tenants.

LF Itabashi is located two kilometres from the Nakadai Interchange on the Metropolitan Expressway Number Five Ikebukuro Line, and provides good access to Central Tokyo. It is also located within walking distance from the nearest stations – Hasune Station on the Toei Mita Line and Ukima Funato Station on the JR Saikyo Line – which makes the location very competitive for talent recruitment purposes.

Shigeru Hashimoto, President, Kokyo Logistics Co., Ltd. stated, “Over the past four to five years, we have noticed the growing demand for cold storage warehouses. We started looking for refrigerated warehouses in central Tokyo to accommodate our customers’ growing needs, which includes the expansion of the mail-order business for frozen and refrigerated products. We are grateful for the support provided by Cushman & Wakefield in securing a facility that matches our business requirements. The central location and one-stop facility to cover three temperature zones of frozen, refrigerated, and room temperatures, are of great advantage to us. I am confident we will be able to provide better quality services to our customers in the future”.

Ken Maeda, Head of Logistics & Industrial Services at Cushman & Wakefield stated, “The renewal of LF Itabashi is unique for the Japan logistics real estate industry. Cushman & Wakefield identified the need for this type of space and was able to provide a solution that will contribute to the expansion of Kokyo Logistics' business. Through our face-to-face discussions with them, we were able to determine and provide the exact specifications to best support their business activities. We plan to accelerate the leasing of the South Wing and propose customizable temperature-zoned warehouse space for the remaining areas moving forward.”

In addition to LF Itabashi, other Cushman & Wakefield branded logistics facilities under asset management include "LF Sakai" in Osaka and “LF Tsurugashima" in Saitama, where we also provide a wide range of logistics services. Cushman & Wakefield will continue to engage with stakeholders involved in the real estate logistics sector by leveraging its comprehensive capabilities including facility development, leasing and asset management services.

Property Description

  • Location: 4-2-25 Ukima Funato, Itabashi-ku, Tokyo, Japan
  • Completion Date: November 1987 (North Wing), August 1999 (South Wing)
  • Site Area: Approx. 9,533 sqm (2,884 tsubo)
  • Total Floor Area: Approx. 16,776 sqm (5,075 tsubo)
  • Structure: 4 storeys
  • Planned Occupancy: September 2020 (North Wing), 2021 (South Wing)

 

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