Crossbay buys Trafford Park’s Tenax Cross
The urban logistics platform of private equity real estate manager MARK has purchased two units totalling 94,200 sq ft.
According to the Land Registry, the purchase was made in April this year for £16.2m.
Tenax Cross comprises two 2H Architecture-designed detached warehouses at Trafford Park – current tenant Oak Tyres’ lease is due to expire in 2027.
As a result of the purchase, Crossbay’s portfolio will pass 1m sq ft of urban logistics assets in the UK.
Knight Frank advised Crossbay on the acquisition. Fletcher King is the fund and asset manager for the family trust that has relinquished the site.
Craig Barton, partner at Knight Frank, said: “This is the third property acquisition we have advised Crossbay on in the last few months, and we are delighted to have helped them secure this prime Trafford Park opportunity, working seamlessly with our London investment colleagues.
“We continue to seek further opportunities [with] Crossbay and welcome any conversations.”
In January, Crossbay acquired 84,000 sq ft of logistics space at Irlam’s Northbank Industrial Estate, in a deal worth more than £11m.
Paul Morris, director and head of investment at Fletcher King, added: “We have been involved at Tenax Cross since the purchase of the land, through the development process, and now the investment sale, and are delighted with the result.
