Yodobashi Camera Multimedia Kichijoji
Hulic acquired Yodobashi Camera Multimedia Kichijoji, a retail building in Kichijoji-Honcho, Musashino City, Tokyo. The price is believed to be slightly less than 30 billion yen [$360 million]. The seller was F4O17 TMK, a special purpose company belonging to the Lone Star Group. Hulic will sell the property to investors as early as this year.
The building was previously occupied by the Tokyo branch of Osaka-based Kintetsu Department Store. It was exclusively leased by furniture retailer Otsuka Kagu since 2001, which used part of the building as a furniture showroom and subleased the remaining part of the property to Mitsukoshi Department Store. Both occupants vacated the building between 2005 and 2006.
The Lone Star Group later obtained the building from Kintetsu in July 2006. The transaction price at the time was estimated to be 17.5 billion yen [$210 million]. Lone Star renovated the property and leased it to major appliance and camera equipment retail chain Yodobashi Camera, which opened Yodobashi Camera Multimedia Kichijoji in 2008. Real estate company Matsuman brokered the sale to Lone Star.

The building is a two-minute walk from JR Kichijoji Station, which is about a 30-minute rapid train ride from JR Tokyo Station. It is located in a commercial area in front of the station and faces Kichijoji-odori Street. The building has a land area of 3,582 m2, nine stories above ground and four below with 37,932 m2 of total floor space. It was completed in 1974.


[Outline of Dealing]

Name: Yodobashi Camera Multimedia Kichijoji

Buyer: Hulic
Seller: F4O17 TMK (SPC of Lone Star Group)

Price: slightly less than 30 billion yen [$360 million]

Rights: Trust beneficiary rights

Location: 1-19-1 Kichijoji-Honcho, Musashino City, Tokyo (residence indication)

Access: 2-minute walk from JR Kichijoji station

Land area: 3,582.39m2

Total floor space: 37,932.95m2

Structure: SRC, S

Stories (above/underground): 9/4

Completion: 1974

Dealing period: July 2011 (handover)

Key tenant: Yodobashi Camera