Nippon Prologis REIT To Sell Joso Logistics Facility for JPY 8.7 Billion
Nippon Prologis REIT, Inc. will sell Prologis Park Joso, a multi-tenant logistics facility in Joso, Ibaraki Prefecture, for JPY 8.7 billion. It signed the agreement on Aug. 28, 2026, and plans to transfer the property in two tranches of 50% quasi-co-ownership interests each, on Oct. 1 and Dec. 1.
The property sits about 4 kilometers from the Yawara Interchange on the Joban Expressway. Nippon Prologis REIT acquired it for JPY 7.12 billion in March 2016. As of the end of May 2026, it had one tenant and occupancy of 50.4%. The appraisal NOI yield on the disposition price is approximately 4.2%.
The appraisal cap rate, which stood at 5.0% at the time of acquisition, has fallen to 4.3%, while occupancy has hovered around 50% since 2024 (compiled by the editorial team based on estie J-REIT). The planned disposition price of JPY 8.7 billion is about 10% above the appraisal value, and the difference from the estimated book value is about JPY 2.813 billion. The REIT appears to have decided to realize unrealized gains by taking advantage of a market environment that allows a high sale price even as income declines.
After this disposition and the acquisition of Prologis Park Ichikawa 2 and the sale of Prologis Park Funabashi 5, both planned for February 2027, the portfolio will comprise 58 properties with a combined acquisition price of JPY 958.667 billion.
Key Facts
- Property Name: Prologis Park Joso
- Seller: Nippon Prologis REIT, Inc.
- Buyer: Undisclosed
- Disposition Target: Domestic real estate trust beneficiary interest
- Acquisition Date: March 3, 2016
- Acquisition Price: JPY 7.12 billion
- Planned Disposition Price: JPY 8.7 billion
- Estimated Book Value: JPY 5.886 billion
- Appraisal Value: JPY 7.89 billion (as of May 31, 2026; JLL Morii Valuation & Advisory K.K.)
- Appraisal NOI Yield on Planned Disposition Price: Approximately 4.2%
- Agreement Date: August 28, 2026
- Scheduled Disposition Dates: October 1, 2026 (50% quasi-co-ownership interest) / December 1, 2026 (50% quasi-co-ownership interest)
- Location: 3954-3 Uchimoriya-machi, Joso, Ibaraki Prefecture
- Nearest Interchange: Approximately 4 km from the Yawara Interchange on the Joban Expressway
- Completion: October 2014
- Number of Floors: 2F (steel-frame construction)
- Property Type: Multi-tenant
- Area: Site area of approximately 10,119 tsubo (approx. 360,100 sq. ft.) / Gross Floor Area of approximately 11,313 tsubo (approx. 402,600 sq. ft.)
- Total Number of Tenants: 1
- Occupancy: 50.4% (as of May 31, 2026)
- Property Management Company: Prologis, Inc.
- Master Lease Company: Prologis REIT Master Lease Godo Kaisha
- Trustee: Mitsubishi UFJ Trust and Banking Corporation
