Manchester private equity firm Infinity has paid £3.2m for a Stockport industrial estate in a joint venture with property investor 53N.
They have acquired the Crossley Park estate, close to the McVitie's factory on Stockport Road, with debt finance from Santander.
Most of the funding for the deal came from North West investors in a "club" deal.
Crossley Park, which is 60% let and reflects a net initial yield of 12%, has industrial and warehouse units as well as open storage land.
The new owners said they will maximise the value of the site by breaking up, refurbishing and letting vacant space.
The site was bought out of receivership from thre LPA receiver GVA. The original owner was not disclosed.
Infinity partner Daniel Finestein said: "Our investment approach allows us to make deals such as Crossley Park available to smaller investors who because of high inflation and low interest rates are keen to invest in property but who ordinarily would be unable to access this size of deal on their own."
He added: "Encouragingly, we're seeing a strong demand from private investors in the North West and are currently looking at a number of additional deals in the region."
The team was advised by Weightmans, Gorvins and Knight Frank.