A low-rise retail and office building just behind Daikanyama Station sold for 1.877 billion Yen (approx. 14.3 million USD). The seller, Starhill Global REIT, entered into a sale agreement in December with an undisclosed buyer.
Fleg Daikanyama was acquired by the REIT in 2007 for 1.82 billion Yen. The 3-story building was designed by Taketo Shimohigoshi of A.A.E. and built in 2004. It has a net lettable area of approximately 750 sqm and 481 sqm of freehold land.
It sold for 2.9% more than its previous acquisition price, and 39% more than its valuation of 1.35 billion Yen (Note: valuations can often come in much lower than market prices). The net yield based on the sale price was approximately 2.77%.
Sources:
Starhill Global REIT Media Release, December 30, 2022.
Mingtiandi, December 31, 2022.
