MBK Real Estate LLC to Sell Multi-family Housing Property (Fixed Asset)

Oct. 28, 2021

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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) today announced that wholly owned U.S. subsidiary, MBK Real Estate LLC ("MRE") decided on September 1st, 2021 to sell the Artesa at Menifee Town Center (located in Menifee, California), which is a large-scale property developed by MRE, to MG Properties Group for US$ 156 million (approximately ¥18 billion) and completed the transaction on October 28, 2021. This sale price is one of the largest transactions ever for multi-family housing in the Inland Empire region where this property is located.

Since entering the multi-family housing business in 2012, MRE has developed 11 projects /2,900 units in California, U.S.A. and has sold 5 developed properties, including this one. MRE will continue to meet the needs of society by providing high quality housing.

As a result of the sale, the gain on sales of fixed assets is generally included in Mitsui's latest forecast which we announced on August 3rd, 2021.

1. Property Overview

Name of property Artesa at Menifee Town Center
Location Menifee, California, U.S.A
Units 330
Lot area 12.71 Acres
Size and structure Wooden, 37 two- and three-story walk-up buildings
Total floor area 350,460 sf.
Completion date October 2020
Sales value US$ 156 million

2. Profile of MRE

Company name MBK Real Estate LLC
Headquarters Irvine, California, U.S.A
Establishment January, 1990
Representative Katsuo Yamanaka, President
Business activities Real estate business:
Owning and managing senior living properties, developing and leasing multi-family housing, developing and leasing industrial real estate properties
Total assets US$ 1,220 million (as of September 2021)
Number of employees 2,124 (as of September 2021)
Shareholder Mitsui 100%

3. Profile of MG Properties Group

Company name MG Properties Group
Headquarters San Diego, CA, U.S.A
Establishment 1992
Representative Mark Gleiberman, CEO
Business activities Acquisition, development and management of multi-family housing


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Investor Relations Division
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Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
Facsimile: +81-3-3285-9819
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