Cutting-edge logistics facilities to emerge in the Nara market
Cushman & Wakefield, a leading global real estate services firm, announced today that Cushman & Wakefield Asset Management K.K. have completed, through two Special Purpose Companies, the acquisition of a large logistics development site in Ikoma District, Nara Prefecture in Japan.
The acquired site comprises two contiguous land parcels, of approximately 20,000 sq m and 60,000 sq m each and the company plans to develop a single-tenant logistics facility (LF Nara I) and multi-tenant logistics facility (LF Nara II) respectively. The planned LF Nara will be the first logistics facility in the Nara Prefecture to have double rampways, which will enhance the efficiency of logistics operations.
The logistics development site is situated in an area with a high concentration of industrial firms near Showa Industrial Park, the largest industrial park in Nara Prefecture. Local demand for logistics space is expected to be high given that there are limited opportunities for new developments in this prefecture which has many protected national heritage sites and monuments.
The site is also located about 1.5 km from the Yamato-Mahoroba exit on the Nishi-Meihan Expressway, about 3 km from the Horyuji exit; and about 10 km from the Nakamachi exit on the Second-Hanna Road. This easy access makes it ideal as a regional delivery base within Nara and the wider Osaka, Kyoto and Nagoya Kansai region.
Yoshiyuki Tanaka, Senior Executive Director, Capital Markets, Cushman & Wakefield Asset Management said, “We are delighted at the opportunity to develop two more logistics facilities in Japan under the LF brand. We believe Nara has high potential as a key logistics market and our facilities will contribute to the market’s development. This acquisition expands Cushman & Wakefield’s logistics portfolio nationwide, contributing to the growth and value of the logistics and industrial sector in Japan.”
Location: 279-1 Okasaki, Ando, Ikoma District, Nara
LF Nara-1 Project: 19,327.30 sq m
LF Nara-2 Project: 58,159.28 sq m
Zoning: Semi Industrial Zone