Arise, Barings seal record LFR deal
Barings Real Estate Australia has paid $74 million for Joondalup Square – a record this year for a large format retail investment.
Arise Developments was the seller.
It was also the builder – with three freestanding buildings, it contains 13,216 square metres.
Fully leased, with 19 tenants, high profile occupiers include Amart, Beacon and Barbecues Galore; the weighted average lease expiry by income is 6.1 years.
Two tenant pre-commitments also exist for a 1280 sqm expansion.
On 2.76 hectares at 3 Sundew Rise, bound by Edystone Avenue, Injune Way and Joondalup Drive, there are 352 car parks too.
Also abutting a new format Bunnings, Joondalup Square is about 26 kilometres north of Perth’s CBD.
BREA, a subsidiary of Mass Mutual, acquired Altis Property Partners in August, 2022, when it was rebranded (story continues below).
Maiden west LFR deal
BREA managing director, Capital Transactions, Gareth Price, said Joondalup Square is the manager’s first Perth large format investment.
“We are attracted to the industrial-like characteristics of large land area, great access and visibility, buildings not being over capitalised, quality tenants paying sustainable ren and additional development potential,” he added.
It will be held on behalf of a fund, or strategy, which is fully invested.
Cygnet West’s Wayne Lawrence and Colliers’ James Wilson represented Arise, closing an expressions of interest campaign in September.
The precinct, part of a growth corridor, is expected to see the local retail catchment increase to c564,264 by 2041.
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