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Blackstone picks up Canarsie shopping plaza for $130M

The Blackstone Group bought Canarsie Plaza, a 274,000-square-foot shopping center anchored by BJ’s Wholesale Club in southeast Brooklyn for around $130 million. The seller was Los Angeles–based CIM Group. JLL brokered the deal on behalf of the seller.

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.

The Real Deal

Photo by CIM Group

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