Omotesando retail sells for over 5 billion Yen
A 3-story retail building alongside Kotto-dori Street in Omotesando has reportedly sold for 5.383 billion Yen (approx. US$37 million). The seller was the Japan Metropolitan Fund Investment Corporation, a J-REIT. The buyer was not disclosed but is a domestic corporation.Read more
Daikanyama retail sells for 1.8 billion Yen
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.
Kajima eyes potential in Japan's luxury real estate sector
Last month, construction giant Kajima Corporation announced plans to enter the luxury sector of the real estate market, and has already kicked things off with the acquisition of two properties from British developer Grosvenor. Within the year, the company is also expected to complete the purchase of luxury housing to lease to wealthy domestic and foreign tenants.
OMA-designed retail project coming to Harajuku
Construction on a new retail project in Harajuku kicked off last month. The 6-story building will have a total floor area of 7,800 sqm (84,000 sq.ft) and occupy a 1,960 sqm site with front and rear street frontage.
MELSA Ginza-2 to close in August
The MELSA Ginza-2 department store will be closing permanently this August, ending 51-years of operations.
Daikanyama retail sold for 4.2 billion Yen
Tokyu REIT has sold the trust beneficiary rights to the Daikanyama Forum retail complex in Shibuya for 4.25 billion Yen (approx. US$39 million). Information on the buyer has not been disclosed, but it is a domestic corporation.
Quick real estate news summary for the week
Central Tokyo apartment asking prices hit new record high, new apartment supply drops 43%, and Omotesando retail flipped at 10% markup. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Yoku Moku acquires Omotesando retail building
Long-established confectioner Yoku Moku has acquired a commercial building across the street from their flagship Aoyama store.
Design for new Harajuku retail building released
The exterior and rooftop design for the newest retail complex at the crossing above Meiji-Jingumae Station in Harajuku has been released.