Japan's Narita Gains Cargo Space

AMB BlackPine, the Tokyo-based unit of U.S. firm AMB Property Corp., broke ground April 5th for what it claims will be Japan's largest dedicated air cargo logistics park. AMB's Narita Air Cargo Center will include 1.7 million square feet of warehouse facilities, which will be opened in three phases between 2005 and 2007.

The development will include five multi-story buildings. Two of the buildings, representing 685,000 square feet are part of Phase I.

In a separate transaction, AMB said it acquired two existing warehouse facilities in the greater Tokyo metropolitan area. Those facilities, Funabashi Distribution Centers I and II, total 252,600 square feet.