Cole RE Investments Pays $124M For Brooklyn Retail Center

Law360, New York (December 6, 2012, 4:43 PM EST) -- Phoenix-based diversified real estate company Cole Real Estate Investments has acquired the Canarsie Plaza shopping center in Brooklyn from a holding company for roughly $124 million, Cole announced Thursday.

The Arizona company, which operates a nontraded real estate investment trust and offers property acquisition and asset management services for institutional investors, said it has completed the acquisition of the 278,000-square-foot retail center in Brooklyn's Canarsie neighborhood. The deal is one of Cole's largest multitenant retail deals of 2012, the firm said.

Canarsie Plaza was built in...
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