Cole Real Estate Investments Acquires Canarsie Plaza Shopping Center in Brooklyn, NY, for $124 Million

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Company Continues to Build on Its National Footprint and Growing Property Portfolio.

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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 Real Estate Investments (Cole), a diversified real estate company, announced it has acquired Canarsie Plaza, an approximately 278,000-square-foot shopping center located in the Canarsie neighborhood of Brooklyn, NY. 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 by a number of 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,” 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 was represented by Andrew G. Scandalios, senior managing director of HFF.

For leasing opportunities at Cole shopping centers, contact Brett Sheets, senior vice president, leasing, at 602-778-6300 or bsheets [at] colecapital [dot] com.

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