Press Release
Blacktown industrial asset changes hands for $7.75 million in off-market sale
Sydney
November 26, 2024
Media Contact
Senior Communications Specialist, Australia
A private owner-occupier has purchased prime industrial warehouse in Blacktown from Cetna Holdings for $7.75 million.
Located at 9 Chicago Avenue, the property features a substantial building area of 2,225 sqm and a land area of 3,332 sqm.
The sale, reflecting a 4.5% yield, was managed by CBRE’s Matthew Alessi and Brendan Wein who noted the unique nature of this transaction in an increasingly competitive industrial market.
Mr Alessi said the purchaser intends to occupy the property once the current tenant vacates, showcasing the growing demand for strategic real estate investments in Western Sydney.
“It was interesting to see the level of interest we had off-market from owner occupiers, who were willing to take on the low lease metrics and wait up to three years before occupying the building,” Mr Alessi added.
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 2024 revenue). The company has more than 140,000 employees (including 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 www.cbre.com.