Blackstone scoops up another Brisbane business park
Blackstone has added another older business park to its book – choosing Brisbane again.
The Arcadia Industrial Estate at Coopers Plains cost $89.6 million from Goodman.
On eight hectares at 836-854 Boundary Road, the property contains 40,000 sqm in nine single level buildings, some split with multiple tenancies.
Also facing Anne and Henley streets, it has significant parking too.
Goodman, via the Macquarie Goodman Industrial Trust, outlaid $16.5m in 2003.
Queensland Investment Corporation and Colonial are former owners.
Coles Myer and Campbell’s Cash & Carry are amongst ex-occupiers.
Coopers Plains is about 12 kilometres south of Brisbane’s CBD.
Also this week, we are reporting Goodman sold the ex-Mosaic Brands headquarters in Sydney’s inner south Rosebery, for c$70m (story continues below).
Major off-market deal
The Arcadia Industrial Estate deal, brokered off-market by CBRE’s Jason Edge and Matthew Frazer-Ryan, comes eight months since Blackstone outlaid over $50m – a 5.9pc yield – for a 3.4ha business park at Hendra, north of Brisbane.
That seller was Dexus with which Blackstone has a relationship, having acquired a 49pc stake in a $4 billion logistics trust in 2021.
Like Coopers Plain, the Hendra asset, the Northpoint Business Park, abutting Brisbane Airport, was developed over 20 years ago, with improvements that could easily be upgraded as they become vacant.
Blackstone also last year bought a Kingsgrove, Sydney, office/warehouse – 133 Vanessa St –for $55.75m.
The group has sold industrial investments too including in a landmark 2020 disposal, the Milestone portfolio, with 45 assets containing 1.4m sqm, on 360ha, to ESR for $3.8b.
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