NEW YORK—Cole Real Estate Investments, based in Phoenix, Ariz., has paid $124 million for Canarsie Plaza, a shopping center located in the Carnarsie neighborhood of Brooklyn totaling approximately 278,000 sq. ft.

Cole was represented by Thomas Falatko, vice president, while the seller was represented by Andrew G. Scandalios, senior managing director of HFF.

“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 for Cole. “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.”

Constructed in 2011, Canarsie Plaza is currently 96 percent occupied and anchored by national tenants, including BJ’s Wholesale Club, Planet Fitness and PetSmart. Other tenants include the Vitamin Shoppe and T-Mobile, among others.