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New York

Canarsie Plaza trades hands for $124M

From left: Canarsie Plaza signage and BJ's and Planet Fitness at The Plaza
From left: Canarsie Plaza signage and BJ's and Planet Fitness at The Plaza

The Phoenix-based Cole Real Estate Investments has purchased the Canarsie Plaza Shopping Center in Brooklyn from Acadia Realty Trust for $124 million, according to a company release. Andrew Scandalios, a senior managing director at HFF, represented the seller. Thomas Falatko, vice president of acquisitions and multi-tenant retail at Cole represented Cole in the transaction.

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The property measures 278,000 square feet and is currently 96 percent occupied. Tenants include PetSmart, Planet Fitness and Dunkin’ Donuts.

Developer Aaron Malinsky came under fire in 2011 and was indicted for allegedly making $500,000 in bribe payments to state Sen. Carl Kruger, who stepped in to push forward several major developments, one of which was Canarsie Plaza, but was cleared. — Zachary Kussin

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Aaron MalinskyAndrew Scandalios