Thursday, December 13, 2012

Cole REIT Pays $124M for Canarsie Plaza

National Commercial Real Estate News From CoStar Group

Cole REIT Pays $124M for Canarsie Plaza

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...

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