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| Canarsie Plaza, Brooklyn, NY |
NEW YORK, NY – HFF announced today that it has closed the
sale of Canarsie Plaza, a 277,907-square-foot neighborhood center in
Brooklyn, New York, on behalf of the seller, and arranged acquisition financing
for the buyer.
HFF marketed the property for the seller, Acadia Realty
Trust. Cole Real Estate Investments
purchased the property for $124 million free and clear of existing debt.
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| Andrew Scandalios |
HFF also arranged a $75 million, 10-year,
fixed-rate loan through PNC Bank, N.A. on behalf of the buyer.
Canarsie Plaza is located at 8925 Avenue D at the
intersection of Remsen Avenue in Brooklyn’s Canarsie neighborhood. Completed in 2011, the 96 percent leased
property is anchored by BJ’s Wholesale Club.
Other tenants include PetSmart, Planet Fitness, Vitamin Shoppe and
Dunkin’ Donuts.
The HFF investment sales team representing the seller was
led by senior managing directors Andrew Scandalios, Jose Cruz and Danny
Finkle.
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| Jose Cruz |
HFF’s debt placement team was led by senior managing
directors Kevin Mackenzie and Mike Tepedino.
Acadia Realty Trust, a fully-integrated equity real estate
investments trust, is focused on the acquisition, ownership, management and
redevelopment of high-quality retail properties and urban/infill mixed-use
properties with a strong retail component located primarily in
high-barrier-to-entry, densely populated metropolitan areas along the East
Coast and in Chicago.
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| Kevin MacKenzie |
Acadia owns, or has an ownership interest in these
properties through its core portfolio and its opportunistic/value-add
investment funds. Additional
information may be found on the company’s website at www.acadiarealty.com.
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.
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| Mike Tepedino |
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
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
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