Continuing its wave of international development, ProLogis has announced that its $360-million, 2.2 million-square-foot, three-building development in key Tokyo-area markets is underway. ProLogis already has launched projects in Europe, South and Central America, Canada and Japan.
In the fourth quarter of 2004, ProLogis signed a build-to-suit agreement for ProLogis Parc Maishima I, a 785,320-square-foot facility in the Osaka submarket. Its partner is a major Japanese company. The six-story, ramp-served facility has an estimated cost of $93 million.
Last month ProLogis began development on the $86 million ProLogis Parc Misato, a build-to-suit facility for The Seiyu, Ltd., a top retailer in Japan. Wal-Mart Stores, Inc. has a 37% minority interest in the company. The new facility will be located in the Tokyo metropolitan area of Misato City, with construction expected to be completed in the first first quarter of 2006.
ProLogis also announced that it has acquired land and will start development of ProLogis Parc Tokyo II during the first quarter of this year. The $180-million, seven-story, in-fill, multi-tenant facility will be located in Koto ward, a prime Tokyo market.
ProLogis Parc Tokyo II will be located less than 2 miles from the Wangan Expressway, one of the major highways running through the Tokyo Bay area, and will have easy access to Tokyo, as well as Yokohama and Chiba ports, and Narita and Haneda Airports. The facility will be less then 4 miles from Tokyo´s CBD. Construction is expected to be completed in the second quarter of 2006.