Chelsea Japan Adds Fourth Outlet Center

KYUSHU, JAPAN-Chelsea Japan Co. Ltd. opened its fourth outlet center in Japan here late last week as it gears up to add a fifth property in the country and expand two of its existing developments by the end of the year. The joint venture is 40% owned by publicly traded Chelsea Property Group of Roseland, NJ, with 30% shares held by Mitsubishi Estate Co. Ltd. and Nissho Iwai Corp.

Chelsea Japan’s newest property addition is Tosu Premium Outlets, an 185,000-sf outlet center located 20 miles south of Fukuoka, Japan’s fourth largest city and a major tourist destination for the people of Japan. The project is fully leased to more than 100 domestic and international brands and restaurants. Chelsea Japan chairman Leslie Chao says the opening is a milestone in that it brings the joint venture’s portfolio to one million sf of lettable area, and that the expansion continues.

In addition to the opening of Tosu Premium Outlets, other projects planned for 2004 include expanding its Sano and Rinku Premium Outlets, and beginning construction near Nagoya for its fifth property, Toki Premium Outlets. In 2003, Chelsea Japan opened the 180,000-sf first phase of Sano Premium Outlets, located 40 miles north of Tokyo, and expanded Gotemba Premium Outlets west of Tokyo from 60,000 sf to 230,000 sf.