Cole Real Estate Investments acquired Canarsie Plaza, a 278,000-sq.-ft. shopping center in Brooklyn, N.Y., for $124 million.

Canarsie Plaza was completed in 2011 and is currently 96 percent occupied. BJ’s Wholesale Club, Planet Fitness and PetSmart anchor the property. Other tenants include the Vitamin Shoppe, Dunkin’ Donuts and T-Mobile.

“This high-quality asset is attractively located in Brooklyn, a vibrant and densely populated borough of New York City,” said Thomas W. Roberts, executive vice president and head of real estate investments with Cole, in a statement. “Canarsie Plaza holds long-term leases with nationally recognized retailers who benefit from the positive retail traffic created by the location’s dense population and nearby public transportation.”

Thomas Falatko, vice president of acquisitions, represented Cole in the transaction. Andrew G. Scandalios, of HFF, represented the seller.