Melbourne

Blackstone secures nearly $50m footprint in Smeaton Grange market

Blackstone has secured a portfolio of four industrial properties in Sydney’s Smeaton Grange for around $50 million.

19 Nov 2018

Blackstone has secured a portfolio of four industrial properties in Sydney’s Smeaton Grange for around $50 million.

The off-market sale, conducted by CBRE, included four industrial properties spanning a total warehouse area of approximately 29,500sqm. The A-grade properties are located at 157 Hartley Road, 145 Hartley Road, 23 Anzac Avenue and 18 Anzac Avenue. 

Three of the four properties remain tenanted by the private vendor until late next year. 18 Anzac Avenue is tenanted by ASX-listed company ACM Parts. 

CBRE’s Adam Tresidder, Moshe Greengarten, Jason Edge conducted the off-market sale process on behalf of the private vendor. 

“Given the scale and quality of these properties, we identified an opportunity for the vendor to maximise returns by bundling four of their assets into one portfolio,” Mr Tresidder said. 

“Blackstone was attracted to the portfolio’s compelling investment fundamentals. Furthermore, the varying warehouse sizes also provided an ability to spread of, which was another key attraction, Mr Tresidder said. 

“We are currently seeing strong rental growth in the sub 5,000sqm market, with two of these four assets acquired sitting within this range.”  

Mr Rourke said the sale represented one of just a few industrial transactions in Sydney’s outer south west in recent months. 

“Stock supply remains tight in Sydney’s outer south west with yields continuing to compress in Q4 2018. We are seeing an increased demand for both owner/occupiers and investors down the M5 corridor on the back of major infrastructure projects and the regentrification of once industrial precincts around South Sydney,” Mr Rourke said. 
 
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.