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. 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.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. 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. 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. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.