New station and town development plan for Kumamoto’s semiconductor district as rents and land values rise
JR Kyushu is planning to open a new station alongside the Hohi Line between Haramizu and Sanrigi Stations in 2027. In conjunction, Kikuyo Town has published details on the 70-hectare land readjustment project or land re-zoning and planning to coincide with this new station.Read more
Nagoya hotel sells for 6.5 billion Yen
The Japan Prime Realty Investment Corporation J-REIT is acquiring a 153-room hotel on the eastern side of Nagoya Station. The acquisition price is 6.5 billion Yen (approx. US$44 million), which is around 42.5 million Yen per key. The cap rate is 4%, although it is leased to the operator under a fixed + variable rental agreement.Read more
Large, luxury apartments planned for Daikanyama
A low-rise luxury apartment building is planned for a site in Daikanyama that was once the home of former Prime Minister Takeo Miki. Construction is scheduled to start this December with completion expected by the end of 2026.Read more
GLP sells Nara logistics center
The GLP J-REIT has sold a 55-year old logistics center in Nara to an Osaka-based real estate company for 2.506 billion Yen (approx. US$17 million). This is 36% above its book value.Read more
Rising construction costs delay redevelopment of Nakano Sunplaza
Redevelopment of the Nakano Sunplaza is likely to be delayed as rising construction have resulted in a blow out in estimated project costs.Read more
Nogizaka talent agency HQ sold to real estate company
Real estate giant HULIC has emerged as the buyer of the disgraced former Johnny & Associates (now Smile-Up) headquarters in Akasaka. The sale took place in June 2024 at an undisclosed price.Read more
Marriott-branded hotel in Tottori delayed
At a city council meeting on September 17, Tottori City Mayor Yoshihiko Fukazawa announced a delay in the proposed development of a Marriott-branded hotel on the Tottori sand dunes. The city is now scheduled to sign an agreement with the developer on January 1, 2025, after the prolonged pandemic led to the postponement of the planned 2021 and 2023 dates.Read more