Warrington Central Trading Estate, which totals 120,000 sq ft across 11 acres, has been sold by Aviva for £3m to Langtree.
Langtree said the estate is only 50% occupied and offers "huge potential for income generation". The estate is off Dallam Lane, to the north of the town centre and next to Warrington Wolves rugby league stadium.
Martin Mellor, property director at Langtree, said: "We will shortly start work on a substantial upgrade programme to enhance the site. We feel that these works combined with the location will position the estate to readily attract new tenants."
Mellor added: "Langtree is an active investor in sites like this and we're keen to acquire more. People are coming to us with opportunities and I expect we'll be doing more deals in the coming months. It's certainly good to be back on the acquisition trail."