The research house said Centuria had achieved good returns from completed single asset trusts and after taking on troubled funds from other managers.
On long-term assumptions, Lonsec estimated the Centuria 8 Australian Avenue Fund would give annualised total returns of around 10.6 per cent.
The rating reaffirmed Centuria's ability in picking quality properties and recognised its rigorous investment process, Centuria Property Funds chief executive Jason Huljich said.
"The Centuria 8 Australia Avenue Fund is the perfect example of Centuria Property Funds identifying opportunities in the market and then using our well-established capabilities and the strength within the team to capitalise on them," Huljich said.