U.S. real estate investment company Jones Lang LaSalle Incorporated has sold Waverley Gardens Shopping Centre in Melbourne, Australia, for $178 million.
Waverley Gardens is a well-established 39,554 square meters sub-regional shopping center located in a strong population growth corridor of the Melbourne metropolitan area, 25 kilometers south-east of its central business district.
The property was sold on behalf of private equity firm Blackstone to a new funds management initiative of peer Elanor Investors Group.
Waverley Gardens offers an attractive and secure income return and provides future mixed-use development potential, given the extensive land parcel of 106,000 square meters.