Blackstone picks up Canarsie shopping plaza for $130M

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

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.

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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.