Colliers completes $53m retail transaction for renowned shopping destination in Japan

Colliers has facilitated the sale of Ameyoko Center Building for $53 million in Tokyo.

Ameyoko Center Building has been Tokyo’s most famous shopping arcade for almost 30 years. Situated at the entrance to the lively Ameyoko shopping street, the retail destination houses over 400 stores on a total land area of 1,311.7 square meters (14,119 square feet) with a varied tenant mix across food and beverage, fashion, recreation, discretionary items and service providers. The building is a short walk from JR Ueno and JR Okachimachi train stations and attracts over 100,000 visitors a day.

Ameyoko Center Building showed great resilience during the height of the COVID-19 pandemic, specifically in terms of customer diversification and property desirability to tenants. From the onset of the pandemic until 2022, the retail asset achieved an occupancy rate of 90 percent and rental increase of 30 percent, bolstered by the strength of Japan’s domestic tourism market.

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