Blackstone picks up Canarsie shopping plaza for $130M

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

TRD 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.

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