Brooklyn, N.Y. — Cole Real Estate Investments has purchased the 278,000-square-foot Canarsie Plaza, which is located in the Canarsie neighborhood of Brooklyn, for $124 million. The power center was built in 2011 and is 96 percent occupied. BJ's Wholesale Club, Planet Fitness and PetSmart anchor the property. Other tenants include 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.