SUN STREET HAMAKITA

  • Seiyu / Wal-Mart was looking to partner with an asset manager to build a shopping center anchored by its first supercenter in Japan.
  • Negotiated for Seiyu / Wal-Mart to hold the asset during the construction and commit to sell at cost to APL after completion.

Strengths / Highlights

  • Project management: APL was retained as the project manager responsible for construction management, design and leasing.
  • Creative leasing: leased space to approximately 60 tenants, resulting in a diversified and unique tenant mix. 
  • Leveraging past success: Implemented value-added property management and events planning derived from APL’s Sun Street Kameido asset management expertise. 
  • Completion financing: APL secured a senior loan from a Japanese balance sheet lender together with mezzanine financing. 

Acquisition Date

March 2008

Location

Hamakita

Property Type

Retail

Property Size

47,348 sqm