Agent turned asset manager buys west Sydney warehouse
Real estate agency owner turned asset manager, Marcel Elias, has bought a high-profile Eastern Creek office/warehouse for a mandate.
The executive’s ME Investments paid $13.325 million for 2 Clay Place.
Owner occupiers also looked in.
The mix with investors was about half/half, according to the agents, who closed an expressions of interest campaign five weeks ago.
Occupied by PremAir Pty Ltd, the asset is presently for lease.
2 Clay Place
On 5243 square metres, part of a large modern business park, 2 Clay Place, highly exposed to Wallgrove Road and the M7, contains 24 car parks.
There is 2111 sqm of area including an A-grade two storey office.
The deal comes four months since Mr Elias, who for 18 years until 2022 ran a Ray White Commercial office, picked up two Penrith investments including a heritage protected office leased to White Lady Funerals.
Knight Frank’s Orlando Maciel and Matt Chambers with Coutss’ Peter Pazios marketed 2 Clay Pl.
Coincidentally, Mr Elias, as agent, sold the property to the vendor in late 2017, for $6.875m.
Mr Maciel and Mr Chambers with CBRE’s Matthew Alessi and Brendan Wein are managing the leasing campaign.
Eastern Creek is 35 kilometres west of Sydney’s CBD.
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