"While many retailers may be struggling at this time, BJ's is well-positioned to outperform its peers during this difficult phase of the economic cycle," says PA principal Paul Slayton in a release. "Along with our site in Pelham Manor, we are pleased to add them to another of our urban/infill redevelopment projects. The addition of BJ's to Canarsie Plaza will add significant value to the center. We anticipate construction of the project to commence shortly." Published reports say the 250,000-square-foot Canarsie Plaza will cost about $65 million to build.

Canarsie Plaza will be constructed in two phases. The 210,000-square-foot Phase I, which is now 97% pre-leased, will be occupied by BJ's and a New York City municipal tenant, which is leasing 33,000 square feet of office space. Phase II will include additional retail for the center. In a release, Acadia projects a market of 500,000 residents within a two-mile radius.

The JV of Acadia, headquartered in White Plains, NY and Manhattan-based PA is collaborating on a series of projects known as the New York Urban Redevelopment Program. These include the $120-million Fordham Place at 400 E. Fordham Rd. in the Bronx where Jonas Bronck Academy leased 50,000 square feet in January.