Musashiurawa Shopping Square

B-5 Greater Tokyo Retail Sponsor

The largest commercial facility in the Musashiurawa Station area

Located close to Musashiurawa Station on the JR Saikyo and Musashino Lines, this is the largest commercial facility in the station area.
It is occupied by general discount store Olympic and major interior goods retailer Nitori. With the station becoming busier over time, it is favorably located in terms of the market area population in an area with strong growth potential thanks to ongoing condominium developments.
What's more, the building enjoys a strong competitive advantage thanks to its position between the station and Highway 17, allowing it to be accessed by visitors traveling by train or car.
JPR main sponsor Tokyo Tatemono was involved in a multi-purpose residential, retail, and business redevelopment project, and JPR acquired the building by leveraging the sponsor's support.

Access Map

Related Press Releases

2007.3.15
Notice Concerning Property Acquisition (Conclusion of Contract)

Property Overview

Address Saitama, Saitama3-1 Besho 7 chome, Minami-ku
Structure/Floors S  B1/4F Acquisition Price (million yen) 4,335
Total Floor Space (m2) 28,930.36 Leasable Space (m2) 14,960.69
Completed 2005-10 Standard Floor Space (m2) 7,094.95
Acquisition Date March 19, 2007 No. of Tenants 3
Related website
  • (Note1) The abbreviations of the “Structure/Floors represent the following, respectively:
  • S: steel-framed RC: reinforced concrete SRC: steel-framed, reinforced concrete
  • (Note2) The acquisition price indicates the transfer price stated in the real estate transaction agreement or trust beneficiary transfer agreement, rounded down to the nearest million yen, and excludes various expenses required for the acquisition of the relevant real estate, etc. and consumption tax, etc.
  • (Note3) The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.
  • (Note4) The “Leasable Space” indicates the area of the portions owned by JPR.

Management Status

36th 37th 38th 39th
Rental Revenues (million yen) 127 127 127 127
Rental Expenses (million yen) 16 20 15 17
NOI from Leasing (million yen) 110 106 111 109
Depreciation (million yen) 37 37 37 17
Rental Income (million yen) 73 69 73 91
Capital Expenditures (million yen) 0 10 0 0
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 5.1 4.9 5.1 5.1
NOI Yield after Depreciation (%) 3.4 3.2 3.4 4.3
Appraisal Value (million yen) 4,350 4,300 4,300 4,290
Gain or Loss from Valuation (million yen) 796 772 809 817
Cap Rate (%) 4.9 4.9 4.9 4.9
  • (Note1) Period-end occupancy rate = Leased space/Leasable space
  • (Note2) Annualized NOI yield = (Rent revenue - Realestate expenses related to rent business) + Depreciation/Acquisition price
  • (Note3) Annualized NOI yield(after depreciation) = (Rent revenue - Realestate expenses related to rent business)/Acquisition price
  • (Note4) Unrealized gains or losses = Appraisal value - Book value
  • (Note5) Cap rate indicates the capitalization rate by the direct capitalization method. Direct capitalization method is one of the methods to calculate the value estimated by income approach (a method to estimate the value of the target property by calculating the sum total of present value of the net operating income which the target property is expected to generate in the future), and capitalizes the net operating income of a certain period by using the capitalization rate.
  • (Note6) The amounts and areas are rounded down to the nearest specified unit, and the percentages and other figures are rounded off to the nearest specified unit.

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