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M-17 Narashino II

  • Chiba
  • Over 30,000㎡
  • Multi
Location 3-6-3 Akanehama, Narashino, Chiba
Site Area 25,020.00 m2
Total leasable area 48,342.83 m2
Structure/Floors Steel-frame construction with alloy coating, galvanized steel sheet roof, 5 stories
Completed January 20, 2008
Acquisition Date Mar. 2, 2010
Acquisition Price 7,875 million yen
No. of Tenants 2
Major Tenants Nakano Shokai Co., Ltd.
Mitsui-Soko Logistics Co., Ltd.
ZOZO, Inc.
* Though JLF owns 90% stake of the trust beneficiary right of real estate, the figures above represents 100% of the property (other than acquisition price.)

Income(Loss) from Real Estate Leasing Business

(million yen)

The 25th Period The 26th Period The 27th Period The 28th Period The 29th Period
Real estate leasing business revenue 非開示* 非開示* 非開示* 非開示* 非開示*
Real estate leasing business expenses 非開示* 非開示* 非開示* 非開示* 非開示*
NOI 240 227 225 223 203
Depreciation 79 79 79 77 77
Loss on Write-offs of noncurrect assets - - 37 2 4
Income(loss) from real estate leasing business 161 147 108 144 121
CAPEX 2 8 44 7 10
Book Value 6,647 6,576 6,502 6,430 6,358
Appraisal Value 9,850 10,100 10,200 10,200 10,400
* Not disclosed, for unable to obtain the tenant’s consent.

Location Profile

The Narashino area offers excellent access to the Tokyo and Chiba bayside areas and to the inland areas of the national capital region. It is home to many logistic centers, such as the delivery centers of major long-distance trucking businesses. The property is located near the Hanawa Interchange of the Keiyo Expressway and the Wangan Narashino Interchange of the Higashi-Kanto Expressway, and it has easy access to major roads. Site conditions are therefore ideal for consumer-oriented logistics covering the central Tokyo area and the Keiyo waterfront area. There is also ready access to such gateways as the Port of Tokyo (Oi Wharf), Tokyo International Airport (Haneda), and Narita International Airport, making it ideal for air and marine cargo. The site can handle 24-hour operations, and labor is also readily available since workers can commute to work via the Shin-Narashino Station of the JR Keiyo Line. Site conditions are therefore well suited for logistics operations.

Facility Profile

The facility has an effective column interval of 10.0 m, an effective ceiling height of 5.5 m, and a standard floor load of 1.5 t/m2 making it suitable for large-scale, general-purpose logistic centers. The facility was built for multiple tenant use. The first floor has high-floor, dual-sided truck berths (a total of 38 berths), and single-sided berths (19 berths) are accessible by ramp from the fourth floor. Partitioned areas have separate vertical conveyors and freight elevators, enabling rapid inbound and outbound deliveries and loading and unloading operations for each tenant. Property infrastructure, such as IT-ready office space, a parking lot (capacity: 85 vehicles), and 24-hour in-person security, will satisfy the diverse needs of tenant companies. Also, the property was designed with the global environment in mind, as evidenced by the use of rooftop greenery and walls with high thermal insulation.

Press Release


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