QIC Real Estate has acquired a premium Coles-anchored neighborhood center in Sydney’s lower North Shore, marking the first new addition to its convenience retail portfolio following a recent recapitalization.
Situated within the Willoughby Road precinct 5 kilometers (3 miles) from the Sydney CBD, The Albany Crows Nest occupies a tightly held pocket experiencing rapid residential densification and population growth.
The center comprises 5,294 square meters (56,984 square feet) of leasable area across two levels, anchored by a full-line Coles supermarket and complemented by Liquorland, three specialty retailers, a childcare center and car wash.
The transaction signaled QIC’s return to the market for high-quality convenience retail assets with the support of new and existing investors, said Charles Occhino, fund manager for the QIC Real Estate Core Plus Strategies. “Reentering the market with a clear investment mandate allows us to target stabilized, high-per
