Stockland said the property was the largest single industrial site in the suburb.
Brownes’ lease on the property,located at 22 Geddes Road, has at least two decades to run.
The 12-hectare site has further development opportunities with more than 3.9ha of surplus land available.
The transaction was brokered by commercial real estate agency CBRE's Matt Haddon and Warick Irving.
“The Brownes deal continues the current trend of sale and leaseback transactions, which provide industrial occupiers with the opportunity to recycle capital out of none-core property assets and back into their principal business activities,” Mr Haddon said.
Stockland general manager of industrial, Tony D’Addonna, said the company was pleased to grow its WA portfolio with the acquisition of the site.
“The Perth industrial market remains tightly held, which we believe will underpin rents and values going forward,” he said.
The acquisition will provide Stockland with an initial yield of 7.5 per cent, and an underlying profit yield of 9.7 per cent per annum.
Stockland chief executive of commercial property, John Schroder, said the site was one of the best industrial locations available in WA.
“The site has direct exposure to the Reid Highway, is close to the Mitchell Freeway and offers excellent access to the Perth CBD and northern growth corridor,’’ he said.
“Quality acquisitions that meet our target returns, complement the strong organic growth opportunities we are capitalising on in our existing portfolio,” he said.
“This is our third significant industrial acquisition in FY14, following purchases at St Marys and Ingleburn in Sydney."