December 06, 2012
Company Continues to Build on Its National Footprint and Growing Property Portfolio
PHOENIX, AZ: (December 6, 2012) – 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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About Cole Real Estate Investments
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. To learn more, visit www.colecapital.com.
Certain statements in this press release may be considered forward-looking statements that reflect the current views of Cole Real Estate Investments and Cole’s management with respect to future events. Forward-looking statements about Cole’s plans, strategies and prospects are based on current information, estimates and projections; they are subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Forward-looking statements are not intended to be a guarantee of any event, action, result, outcome or performance in future periods. Cole does not intend or assume any obligation to update any forward-looking statements, and the reader is cautioned not to place undue reliance on them.