Charter Hall is paying Blackstone $183.6 million for the Crestmead Distribution Centre, about 29 kilometres south of Brisbane.
The cold storage facility at 105-137 Magnesium Drive, Crestmead, is leased to Metcash.
Based on the annual rental return, the investment is trading on a 5.2 per cent yield.
On a 21 hectare site, the property is configured with three buildings containing a total of 89,245 square metres of area, a mix of ambient and cold storage.
Blackstone paid Goodman Group $126 million for the investment in 2006.
Metcash controls brands including IGA and IGA Express, Thirsty Camel, Cellarbrations, Campbells Cash & Carry and Campbells Wholesale.
Last June, Charter Hall signed Metcash on as a tenant for a purpose-built, 31,000 sqm industrial facility at the Motorway Industrial Park in Berrinba, about 34 kilometres south-east of the Brisbane CBD.
The Berrinba property is for Metcash’s hardware arm which controls brands Home Timber & Hardware, Hardings Hardware, Thrifty Link Hardware and True Value Hardware.
Elsewhere in the city, two Charter Hall funds in June paid Queensland Treasury Corporation $102.5 million for the Brisbane City Council Bus Network Terminal at Eagle Farm.
In May, Charter Hall’s Direct Industrial Fund spent $29.5 million on an industrial investment in Melbourne’s Altona.
Late last year Charter Hall paid Village Roadshow $12.5 million for the Coburg Drive-in Theatre, a site which has longer term industrial redevelopment potential.