Industrial & Infrastructure Fund To Sell Susono Logistics Property Eight Months After Acquisition
Industrial & Infrastructure Fund Investment Corporation announced on November 4, 2026, that it will sell IIF Shizuoka Susono Logistics Center, a logistics facility in Susono, Shizuoka Prefecture, for JPY 2.0 billion. The buyer is a domestic operating company whose name has not been disclosed. The sale agreement was concluded on the same day, and the property will be delivered on November 10.
The property is located about 1.5 km from the Susono IC on the Tomei Expressway. Completed in 2001, the main building has three floors above ground and two below, with a gross floor area of approximately 4,668 tsubo (approx. 166,100 sq. ft.). The scheduled sale price exceeds the book value of JPY 1.737 billion as of the end of July by JPY 262 million. The appraisal value is JPY 1.88 billion, and the appraisal NOI yield based on the scheduled sale price is 6.1%.
The investment corporation acquired the property in March 2026 for JPY 1.6 billion and will sell it after about eight months. It was acquired together with IIF Nagoya Logistics Center II as a CRE deal with the Yamato Group, on the premise that Yamato Transport would vacate at the end of October 2026 (see related article: Industrial & Infrastructure Fund Investment Corporation Acquires Two Logistics Properties from the Yamato Group).
The original plan was to carry out renewal work costing JPY 350 million from April to August 2027 after the tenant vacated, and then attract new tenants. While leasing activities after the acquisition confirmed leasing demand from multiple prospective tenants, there was also demand to purchase the property for owner occupancy. Taking into account the additional investment for the work and the downtime until stable occupancy, the investment corporation judged that securing a gain on sale at an early stage would better enhance unitholder value.
Key Facts
- Property Name: IIF Shizuoka Susono Logistics Center
- Seller: Industrial & Infrastructure Fund Investment Corporation
- Buyer: Undisclosed (domestic operating company)
- Asset Type: Real estate (part of the land is leasehold)
- Scheduled Sale Price: JPY 2.0 billion
- Book Value: JPY 1.737 billion (as of July 31, 2026)
- Appraisal Value: JPY 1.88 billion (as of July 31, 2026, Japan Real Estate Institute)
- Appraisal NOI Yield (based on scheduled sale price): Approximately 6.1%
- Contract Date: November 4, 2026
- Scheduled Sale Date: November 10, 2026
- Location: 448-1 Aza Imoanakubo, Imazato, Susono, Shizuoka Prefecture, and others (lot numbers)
- Nearest IC: About 1.5 km from the Susono IC on the Tomei Expressway
- Completion: June 2001 (main building)
- Number of Floors: Main building 3F / B2F (steel frame construction); annex and extension 1F
- Use: Office / Workshop / Warehouse / Parking / Factory
- Area: Site area of approximately 6,374 tsubo (approx. 226,800 sq. ft.) / Gross Floor Area of approximately 4,668 tsubo (approx. 166,100 sq. ft.)
- Acquisition Date: March 19, 2026
- Acquisition Price: JPY 1.6 billion
- Former Tenant: Yamato Transport Co., Ltd. (vacated October 31, 2026)
- Property Management Company: CBRE K.K.