NEW YORK CITY-Christmas has come early for Cole RealEstate Investments, which purchased Brooklyn’sCanarsie Plaza to the tune of $124 million. Theretail property spans approximately 278,000 square feet ofspace.

Currently, according to a statement from the firm, the propertyis 96% occupied and is anchored by BJ’s WholesaleClub, Planet Fitness andPetSmart. In the transaction, Cole was representedby Thomas Falatko, vice president, acquisitions, multi-tenantretail. Andrew G. Scandalios, senior managing director of HFFrepresented the seller, Acadia Realty Trust.

Of the deal, Thomas W. Roberts, EVP and head of real estateinvestments for Cole said, “Canarsie Plaza holds long-term leaseswith nationally recognized retailers who benefit from the positiveretail traffic created by the location’s dense population andnearby public transportation,” making this a potentially profitablemove for the company.