Brisbane, 18 September 2015 – The LaSalle Australia Core Plus Fund has expanded its retail holdings in Brisbane with a strategic $11 million acquisition in Forest Lake.
CBRE’s Nick Willis and Michael Hedger negotiated the sale of the two-level convenience retail and commercial centre on behalf of a local private investor.
The 200 Grand Avenue property accommodates a diverse mix of national and local retailers, including key tenants Ray White, Dominos Pizza, Sushi Go Round, Kumon and H&R Block.
“We received strong interest from private investors and local syndication groups, who are chasing retail centres that offer value-add opportunities via proactive management and tenant remixing,” Mr Hedger said.
Mr Willis added “The LaSalle Australia Core Plus Fund viewed this as a strategic opportunity to control the Forest Lake master planned retail precinct, given their ownership of the adjoining Forest Lake Shopping Centre.”
The sub-regional shopping centre has been a strong performer for LaSalle, which completed a $30 million refurbishment of the complex several years ago to include a new Coles supermarket and Target Discount Department Store.
The property occupies a key corner location within Forest Lake – Brisbane’s first master planned community. Located 19km west of the Brisbane CBD, the complex has a lettable area of 2,177sqm and comprises a total of 25 tenants.
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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 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
