Blackstone picks up Canarsie shopping plaza for $130M

CIM Group affiliate had purchased center in 2012 for $124M

New York /
Dec.December 13, 2019 02:30 PM
Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

The Blackstone Group bought a shopping center anchored by BJ’s Wholesale Club in southeast Brooklyn for around $130 million.

The private equity giant closed Wednesday on the 274,000-square-foot Canarsie Plaza, sources told The Real Deal. The seller was Los Angeles–based CIM Group.

A representative for Blackstone declined to comment, and a spokesperson for CIM did not respond to a request for comment. A JLL team led by Andrew Scandalios, Rob Rizzi and Jose Cruz brokered the deal on behalf of the seller. The brokers declined to comment.

CIM has owned the shopping center at the intersection of Remsen Avenue and Avenue D since it acquired Cole Capital — an affiliate of VEREIT — in 2018. Cole Capital had purchased the Canarsie power center in 2012 for $124 million.

BJ’s Wholesale is the largest tenant at the center, leasing about 173,000 square feet. Planet Fitness leases a little more than 15,000 square feet and PetSmart leases nearly 14,000.

Last month in Brooklyn, Federal Realty Investment Trust bought the 147,000-square-foot Georgetowne Shopping Center — just on the other side of the Paerdegat Basin from Canarsie — for $85 million.


Related Articles

arrow_forward_ios
Blackstone's Jon Gray (Blackstone, Getty)
Blackstone limits REIT withdrawals
Blackstone limits REIT withdrawals
Blackstone's Stephen Schwarzman with MGM Grand Las Vegas and Mandalay Bay in Las Vegas (Getty)
Blackstone sells MGM Grand, Mandalay Bay stakes
Blackstone sells MGM Grand, Mandalay Bay stakes
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
A photo illustration of Blackstone president Jon Gray (Getty, Blackstone)
Blackstone’s REIT cools off after acquisition flurry
Blackstone’s REIT cools off after acquisition flurry
Blackstone's Stephen Schwarzman and Jonathan Gray (Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
Blackstone’s quarterly profit drops to near zero
Blackstone’s quarterly profit drops to near zero
Blackstone's Stephen Schwarzman and 8 Spruce Street (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Twitter/AAsArchitecture)
Blackstone’s 8 Spruce sues tenant over alleged pop-up restaurant
Blackstone’s 8 Spruce sues tenant over alleged pop-up restaurant
Starwood’s Barry Sternlicht and Blackstone’s Stephen Schwarzman (Illustration by The Real Deal with Getty Images)
Regulators weighing new rules for non-traded REITs
Regulators weighing new rules for non-traded REITs
JPMorgan Chase's Jamie Dimon with 79 Fifth Ave, Apollo Commercial Real Estate Finance's Stuart Rothstein with 165 East 66th Street, and Bank of China's Liu Liange with 555 West End Avenue (Google Maps, Hanley New York, 555westendave, Getty)
Summer slump: Manhattan’s 10 biggest loans shrivel
Summer slump: Manhattan’s 10 biggest loans shrivel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...