Cushman & Wakefield, a leading global real estate services firm, has announced the beginning of the construction of LF Nara, a multi-tenant logistics facility in Ikoma-gun, Nara Prefecture. Cushman & Wakefield Asset Management K.K held the groundbreaking ceremony for the facility last Thursday, 20th January 2022.
The groundbreaking ceremony was attended by Mr. Makoto Hidetaka, Senior Managing Executive Officer of Obayashi Corporation, which is responsible for design and construction, and all other related parties, as well asMr. Yoshiyuki Tanaka, President, Cushman & Wakefield Asset Management. LF Nara is scheduled for completion in March 2023.
Groundbreaking Ceremony
Features of the Facility
LF Nara will be a four-story building with a total floor area of 124,000 square meters, and will be the first multi-tenant, advanced logistics facility in the Nara Prefecture. The double rampway will allow 45-foot container vehicles to directly access each floor, contributing to the establishment of efficient logistics operations. A maximum of 16 tenant spaces are available, ranging from a minimum area of approximately 2,000 tsubo to a maximum area of approximately 8,000 tsubo per floor, to meet a variety of tenant needs. Amenities such as a cafeteria, break rooms, and shops will be available in the common area to provide a convenient and comfortable workspace environment for facility users.
Rendering - South East View Rendering - Overhead View
Location Characteristics
The property is located approximately 1.5 km from the Yamato-Mahoroba exit on the Nishi-Meihan Expressway and approximately 3 km from the Horyuji exit on the same expressway. It is situated in an area with a high concentration of industrial firms near Showa Industrial Park, the largest industrial park in Nara Prefecture, and is expected to become a major regional distribution hub within the prefecture and the wider Osaka, Kyoto, and Nagoya region. The location is also competitive from the perspective of securing employment, as there is a working population of approximately 460,000 people within 30 minutes of the proposed site.
Sustainability Initiatives
The facility to be developed is aiming to acquire CASBEE (Comprehensive Assessment System for Built Environment Efficiency) A rank certification, BELS (Building Energy Efficiency Labeling System) 5-star certification, and ZEB (Net Zero Energy Building) Ready certification as well. LF Nara will be an embodiment of sustainability in commercial real estate with the installation of solar power generation equipment on the roof and equipping the building with a 24-hour emergency power generator.
Mr. Yoshiyuki Tanaka, Senior Executive Director, Capital Markets, Cushman & Wakefield Asset Management said, “I am very pleased to announce the beginning of the construction of LF Nara. Nara Prefecture has many historical buildings and monuments which has limited the supply of logistics facilities in the market. I believe that the development of LF Nara will provide an opportunity to enhance Nara Prefecture's high potential as a key logistics centre. We are excited to be taking part in the logistics industry as it grows in importance due to the pandemic and we will continue contributing to job creation and regional economic development in Nara Prefecture.”
Cushman & Wakefield’s Logistics Facilities
The "LF" series, which stands for Logistics Facility, is a brand of logistics facilities managed by Cushman & Wakefield.
Property Overview
Location: 279-1 Okasaki, Ando, Ikoma District, Nara
Land Area: 50,000 sq m
Gross Floor Area: 124,000 sq m
Structure: Steel-framed, 4 story above
Commenced: December 2021
Completion: March 2023 (planned)
A detailed outline of LF Nara's plans can be found at this site: https://www.logistics-facility.com/nara/