Industrial developer and owner AMB Property Corp. (NYSE:AMB) has acquired a pair of warehouse distribution development sites in Japan in order to further establish the company as a major industrial facilities provider in the supply-constrained districts of that country.
In Osaka, AMB purchased a 12.2-acre parcel of land for development of AMB Amagasaki Distribution Center, a planned 1 million sq. ft., six-story facility in the heart of the Osaka/Kobe port district. With construction set to begin immediately, the building is 50% pre-leased to a prominent Japanese logistics firm.
In Tokyo, AMB has bought 4.8 acres for development of AMB Ohta Distribution Center, an 840,000 sq. ft. multi-tenant logistics center in the Ohta section of western Tokyo, a primary distribution point for the Tokyo/Yokohama metro areas.
Based on current development plans and exchange rates, total expected investment in the two facilities would aggregate roughly $266 million. Both facilities are being developed with AMB’s Tokyo-based partner, AMB BlackPine.
"Development of state-of-the-art facilities supports Japan’s efforts to modernize its distribution and logistics industry," says Hamid Moghadam, AMB’s chairman and CEO. "The scale and configuration of AMB’s Amagasaki and Ohta Distribution Centers can play an important role in cost reductions and improved efficiencies for our customers’ operations in Japan."