Cole pays $124M for Canarsie shopping plaza
Cole Real Estate Investments has acquired Canarsie Plaza, a 278,000 s/f shopping center in, Canarsie, Brooklyn.
The $124 million transaction is one of Cole’s largest multi-tenant retail transactions of the year.
Built in 2011, the property is 96% occupied and is anchored tenants including BJ’s Wholesale Club, Planet Fitness and PetSmart. The property also includes a number of specialty retailers.
“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.”
Cole was represented by Thomas Falatko, vice president, acquisitions, multi-tenant retail, in the transaction. The seller, Acadia Realty Trust, was represented by an HFF investment sales team led by senior managing directors Andrew Scandalios, Jose Cruz and Danny Finkle.
HFF’s debt placement team was led by senior managing directors Kevin Mackenzie and Mike Tepedino.
Founded in 1979, Cole Real Estate Investments is one of the nation’s leading acquirers of high-quality, income-producing retail, office and industrial real estate assets. 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.
According to Real Capital Analytics, a leading industry research firm, Cole has established itself as the No. 1 buyer of all single-tenant assets for the past 10 years. At the end of October 2012, 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 more than $11.8 billion.
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