Sun Street Kameido

Overview

Sun Street Kameido was acquired in 2004 from Seiko Instruments, a major watch manufacturer. Built in 1997, the 54-tenant urban shopping center occupied 3.8 hectares of prime land in the heart of Tokyo.

Over the investment life, APL significantly improved the retail center’s operations and cash flow through intensive management. This included reducing expenses, refurbishing the asset, and improving the tenancy.

In addition to maximizing income, by innovative leasing and acquiring adjoining sites, the property was positioned for redevelopment. Collaborating and negotiating with the government and the local community, APL was able to create a blueprint for a new mixed-use high-rise complex, paving the way for a significant increase of the allowable buildable area. This asset was ultimately sold to a major Japanese developer.

Summary

Location Tokyo, Japan

Property Type Retail to mixed-use redevelopment site

Property Size 37,856 square meters (3.8 hectares)

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