Logistics giant sells distribution centre with a leaseback
Allegro Funds-backed Team Global Express has sold a sprawling Brisbane industrial investment with a 10-year leaseback.
The $44 million result for 75 Curzon Street, Tennyson, reflects a 6.8 per cent net passing yield.
Blackfox Property is the buyer.
The Sydney-based investment house is led by Marc Schwartz and Greg Bachmayer.
The deal comes four months since the group bought a $36m industrial investment in Perth’s Maddington.
Last year, Blackfox outlaid $27m for two Toowoomba retail investments.
75 Curzon Street
On 7.27 hectares (about 6.5ha which is developable), with rail side access to the Moolabin intermodal rail terminal, the Tennyson property contains an 11,757 square metre office/warehouse and significant hardstand (continues below).
It also includes a 3743 sqm site know as 55 Lofter St available for immediate development.
The investment failed to sell in 2022, offered with a 10-year leaseback to Toll.
The starting annual rent then was $1.35m.
TGE is paying starting annual rent of $3m.
CG Property Group’s Michael Callow, Mark Gilbride and Sammy Gould were the agents, closing an expressions of interest campaign in May .
Tennyson is about eight kilometres south of the CBD.
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