NEW YORK CITY — Cole Real Estate Investments has acquired Canarsie Plaza, a 278,000-square-foot shopping center located in the Canarsie neighborhood of Brooklyn in New York City. The $124 million transaction is one of Cole’s largest multi-tenant retail transactions of the year. Acadia Strategic Opportunity Fund II LLC was the seller.
Built in 2011, the property is 96 percent occupied and is anchored by several well-known national tenants, including BJ’s Wholesale Club, Planet Fitness and PetSmart. The property also includes a number of additional specialty retailers such as Vitamin Shoppe, Dunkin’ Donuts, and T-Mobile.
“This high-quality asset is attractively located in Brooklyn, a vibrant and densely populated borough of New York City,” says Thomas Roberts, executive vice president and head of real estate investments for Phoenix-based Cole. “Canarsie Plaza holds long-term leases with nationally recognized retailers who benefit from the positive retail traffic created by the location’s dense population and nearby public transportation.”
Thomas Falatko, vice president of acquisitions, multi-tenant retail, represented Cole in the transaction. Andrew G. Scandalios, senior managing director of HFF, represented the seller.
Cole primarily targets net-leased single-tenant and multi-tenant retail properties under long-term leases with creditworthy tenants, as well as single-tenant office and industrial properties, using a conservative investment and financing strategy.
At the end of October, Cole-related entities owned and managed more than 1,950 assets representing approximately 70.6 million square feet of commercial real estate in 47 states with a combined acquisition cost of approximately $11.8 billion.
— Matt Valley