AMB Building Japan's Largest Air Cargo Park

TOKYO-AMB Property Corp. will break ground in early April for Japan’s largest dedicated air cargo park. At build out, Narita Air Cargo Center will comprise some 1.7 million sf in five multistory buildings adjacent to Tokyo’s Narita International Airport. The publicly traded industrial REIT is developing the 35-acre park in partnership with Tokyo-based AMB BlackPine. The total development cost is estimated at $150 million.

Narita Air Cargo Center is AMB’s first development project in Japan. To jump start its operations, the company recently acquired three existing distribution centers. It paid $35.9 million for Saitama Distribution Center, a 363,000-sf park comprised of two multistory buildings comprised located five minutes from the Kanetsu Expressway in Tokorozawa, metropolitan Tokyo. It also paid $22 million for Funabashi Distribution Centers I and II. The Funabashi properties total 252,600 sf and are located between Narita International Airport and the Tokyo central business district. All three properties are 100% leased.