Auckland, 17 June, 2013 - 80 Favona Road in the heart of the Auckland Industrial Precinct has been sold for $74 million to Argosy Property Limited.
Bruce Catley, CBRE’s South Auckland Managing Director said that “this property is the latest addition to the core portfolio for Argosy, which has purchased the main distribution warehouse of Progressive Enterprises, who have occupied the site since 1979. The lease has another 11 years to run.”
Brent McGregor, CBRE’s Senior Managing Director, New Zealand said that “this significant 65,274sqm distribution centre is located approximately five minutes from Auckland International Airport. The property is 100% occupied and is used as a head office complex and integrated distribution centre. The location ensures ease of access to all motorways and is the largest non-sale and lease-back industrial investment transaction in New Zealand”.
The transaction was brokered off-market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.