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