Thomas Roberts of Cole

NEW YORK CITY-Christmas has come early for Cole Real Estate Investments, which purchased Brooklyn’s Canarsie Plaza to the tune of $124 million. The retail property spans approximately 278,000 square feet of space.

Currently, according to a statement from the firm, the property is 96% occupied and is anchored by BJ’s Wholesale Club, Planet Fitness and PetSmart. In the transaction, Cole was represented by Thomas Falatko, vice president, acquisitions, multi-tenant retail. Andrew G. Scandalios, senior managing director of HFF represented the seller, Acadia Realty Trust.

Of the deal, Thomas W. Roberts, EVP and head of real estate investments for Cole said, “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,” making this a potentially profitable move for the company.