Logistics property specialist LOGOS has struck an off-market deal with local developer Time & Place to purchase an Epping industrial estate with an estimated end value of $70 million.
LOGOS will take control of three logistics warehouses with a gross leasing area of 46,240 square metres being built at 425 Cooper Street, a key industrial corridor in Melbourne’s north where firms like Mainfreight, Mazda, Bluestar Logistics, Toll, Woolworths, Bevchain and Visy have facilities.
LOGOS has acquired a logistics estate in Epping.Credit:
Time & Place is constructing the estate with its funding partner MaxCap after they acquired the site midway through last year.
The three logistics and intermodal facilities ranging between 5815 sq m and 19,730 sq m were set to be seed assets in the MaxCap Industrial Opportunity Fund, but the deal will see the properties offloaded instead.
"We have been looking to expand our portfolio into the north of Melbourne for a number of years," LOGOS’ Australia and New Zealand chief Darren Searle said.
JLL’s Matt Ellis brokered the transaction on behalf of Time & Place.
The growth in e-commerce as a result of the pandemic will boost demand for small to mid-size warehouses, Time & Place’s Chris O’Keefe said.
The LOGOS Epping Logistics Estate is due to be completed in the second quarter of 2021. LOGOS controls a portfolio of 46 buildings and development sites in Australian and New Zealand.
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