The Almost Blue retail building in Minami Aoyama has changed hands for the 3rd time in as many years.
A Tokyo-based real estate company acquired the trust beneficiary rights to the low-rise retail from GK Pioneer for an undisclosed amount back in November 2022. Pioneer had acquired the property from Takara Leben Real Estate Investment Corporation in early 2021 for a reported 7.21 billion Yen, providing a gross yield of 3.80%. Takara Leben had paid 6.52 billion Yen for it in September 2019 with a gross yield of 4.1% at the time.
The group of three retail buildings has a total lettable floor area of approximately 1,930 sqm (21,000 sq.ft) and sits on a 1,186 sqm block of land. It is a 7-minute walk from Omotesando Station.
Source: The Nikkei Real Estate Market Report, April 20, 2023.
