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Property group Logos has acquired a Kmart Distribution Centre in Melbourne's west for $119 million.
The purchase is Logos’ third in Melbourne’s industrial suburb of Truganina in the past month after picking up an industrial site at 285 Palmers Road and a new facility on Infinity Drive.
The Palmers Road site has the potential for a logistics estate of up to 160,000sq m, creating an asset potentially worth up to $250 million.
The logistics and operations developer also completed a new facility in Infinity Drive last month.
Logos' latest distribution centre is strategically placed between the Princes Highway and West Gate Freeway.
The state government has proposed surrounding road upgrades, including the West Gate Tunnel Project, which will further enhance connectivity to Truganina for logistic operators.
The 77,000sq m distribution centre, located 22km west of Melbourne's CBD, is fully leased to Kmart Australia.
The deal was brokered by JLL's Tony Iuliano and CBRE's Chris O'Brien, struck on an initial yield of 5.45 per cent.
Related: Sydney Still Among World's Most Expensive Industrial Markets
Logos has appointed industry veteran Darren Searle as head of Australia and New Zealand to support its growth.
“Truganina is one of Australia’s core industrial locations with many large logistics operators including Coles, Woolworths and the Reject Shop, operating from this suburb,” Logos’ newly-appointed head of Australia and New Zealand Darren Searle said.
”The Kmart Distribution Centre is a strategic addition to our growing portfolio of core assets within key logistic markets secured by long term cashflow, and we’re pleased to have further strengthened our Melbourne portfolio through this acquisition.”
Logos’ Australian and New Zealand portfolio includes assets and developments across New South, Victoria, Western Australia, Queensland and Auckland.
Just last month the group acquired a 10-hectare site in Auckland's industrial suburb of Wiri with plans to develop a NZ$200 million (A$183m) logistics estate.
The industrial investor also acquired a massive 4.4-hectare warehouse site in Sydney’s south for $72.4 million in an off-market sale.
