MELBOURNE, AUSTRALIA-The Gandel Group has sold its 50% stake in the one-million-square-foot Northland shopping center here for $487 million. The Canada Pension Plan Investment Board will partner with the other half-owner, Colonial First State Retail Property Trust.

The center is just a few miles north of the Melbourne CBD, at the corner of Murray Road and Hannah Street. Anchors include Myer, Kmart, Target, Coles and Safeway, a 14-screen Hoyts movie theater and about 300 other stores. The property underwent a redevelopment in December 2009.

Simon Rooney, Jones Lang LaSalle’s head of retail investments in the country, handled the transaction for the seller. He said he expects further interest by global investors for retail properties in the country. Two other recent purchases, including LaSalle Investment Management buying the Australia on Collins CBD retail center for $217 million and ISPT’s purchase of a 25% interest in Westfield Doncaster from LaSalle for $373 million, help prove the increased level of investment interest.