HFF Closes $124 Million Sale and Arranges $75 Million Financing for Canarsie
Plaza in Brooklyn
NEW YORK -- December 11, 2012
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.
Andrew Scandalios, (212) 245-2425
Senior Managing Director
Kevin Mackenzie, (949) 253-8800
Senior Managing Director
Kristen Murphy, (713) 852-3500
Associate Director, Marketing
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