Coaska Bayside Stores

Overview

In 2003, a majority portion of Shoppers Plaza Yokosuka, a large-scale retail center in Kanagawa Prefecture 45 km south of Central Tokyo and adjacent to the U.S. Fleet Activities Yokosuka (US naval base), was acquired. APL negotiated a long-term master lease with the in-place master lessee and the asset was maintained as a stabilized investment.

The remaining minority portion in the center was acquired in 2018, followed by the departure of the master lessee, which led to APL gaining full control of the operations. APL repositioned the asset from big-box retail to a one-stop shopping, food and entertainment destination, including major exterior and interior renovations, lease-up of over 100 tenants, and incorporation of local sourcing and tourist attractions. The grand reopening was held in June 2020.

Summary

Location Kanagawa Prefecture, Japan

Property Type Retail

Property Size 120,624 square meters

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