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Cole REIT Pays $124M for Canarsie Plaza

Acadia Realty Sells South Brooklyn Shopping Center
December 13, 2012
Cole Credit Property Trust IV, Inc., an affiliate of Cole Real Estate Investments, has acquired the Canarsie Plaza shopping center located at 8925 Avenue D and 856-860 Remsen Ave. in Brooklyn, NY for $124 million, or about $446 per square foot.

The center totals approximately 278,000 square feet in the Canarsie neighborhood of South Brooklyn. It was built in 2011 on 14 acres in Kings County on Long Island. At the time of sale the center was 96 percent occupied, anchored by a 195,605-square-foot BJ's Wholesale Club and junior-anchored by Planet Fitness, Petsmart and Dollar Tree.

"This high-quality asset is attractively located in Brooklyn, a vibrant and densely populated borough of New York City," said Thomas W. Roberts, executive vice president and head of real estate investments for 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."

The acquisition was funded in part with a fixed-rate, 10-year, $75 million mortgage from PNC Bank, NA.

Andrew Scandalios, Jose Cruz, and Danny Finkle with HFF represented the seller, Acadia Realty. Thomas Falatko with Cole Real Estate Investments represented the buyer in-house.

Please see CoStar COMPS #2614144 for additional information on this transaction.
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