United Urban REIT to Divest Two Retail Properties in Kawasaki for JPY 18.4 Billion
In July 2025, United Urban Investment Corporation announced it will divest the trust beneficiary interests of two retail assets in Kawasaki City, Kanagawa Prefecture—“Luz Musashi-Kosugi” and “Miyamae Shopping Center”—for a combined price of JPY 18.4 billion.
Luz Musashi-Kosugi, a retail property completed in May 2008, is located just a two-minute walk from Musashi-Kosugi Station on the Tokyu Toyoko Line and JR Nambu Line. The five-story building with one basement level has a gross floor area of approximately 3,698 tsubo (approx. 122,200 sq. ft.). Hulic Co., Ltd. will acquire the asset, with closing scheduled for December 1, 2025.
Miyamae Shopping Center, completed in October 1993, is a roadside retail complex with four stories above ground and a gross floor area of approximately 5,245 tsubo (approx. 173,300 sq. ft.). The buyer is a domestic operating company whose name has not been disclosed. Closing is planned for September 12, 2025.
Key Facts
Property Name: Luz Musashi-Kosugi
Buyer: Hulic Co., Ltd.
Transaction Price: JPY 12.9 billion
Location: 1100-4 Shinmaruko-Higashi 3-chome, Nakahara-ku, Kawasaki-shi, Kanagawa
Nearest Station: 2-minute walk from Musashi-Kosugi Station (Tokyu Toyoko/ Meguro Line, JR Nambu Line)
Completion: May 2008
Structure: Steel, SRC, and RC, 5 floors above ground and 1 basement
Land Area: approx. 1,847 tsubo (approx. 61,050 sq. ft.)
Gross Floor Area: approx. 3,698 tsubo (approx. 122,200 sq. ft.)
Property Name: Miyamae Shopping Center
Buyer: Undisclosed domestic operating company
Transaction Price: JPY 5.5 billion
Location: 9-12 Inuzuka 3-chome, Miyamae-ku, Kawasaki-shi, Kanagawa
Nearest Station: approx. 10-minute bus ride from Miyamaedaira Station (Tokyu Den-en-toshi Line)
Completion: October 1993
Structure: Reinforced Concrete, 4 floors above ground
Land Area: approx. 2,099 tsubo (approx. 69,300 sq. ft.)
Gross Floor Area: approx. 5,245 tsubo (approx. 173,300 sq. ft.)