LaSalle Investment Management, an affiliate of US property group Jones Lang LaSalle, announced today a Costco store has opened on its commercial and logistics center in Kawasaki City, Japan. The new distribution facility is slated for completion early next year.
“This is our first complex facility integrating commercial and distribution features representing our strength in development and management of logistics facilities,” Yasuo Nakashima, chief executive officer for LaSalle Investment Management in country, said in a statement.
Close to Tokyo, Yokohama City and Kawasaki City, the 64,194-square-meter site also has access to the major ports of Yokohama, Haneda and Tokyo. LaSalle purchased the site from Urban Renaissance Agency in March 2005.
Construction for the new distribution facility is scheduled for completion by end of January 2008. The facility will house multiple tenants and features an earthquake-proof structure, an all-weather warehouse, a ramp for 40-feet containers and around-the-clock operation.
“We will continue to meet the evolving needs of industrial real estate moving forward and offer a comprehensive solution in the area of logistics to bridge the capital market with the industry,” Nakashima continued.
Earlier this year it was reported that LaSalle has been raising a $2-billion (€1.4 billion) Asia property fund and a $750 million fund for logistics buildings in Japan.