PENSACOLA, FL-In a deal that proves investors are looking beyond grocery-anchored shopping centers even before the recovery is fully complete, Gulf Breeze Marketplace has traded for an undisclosed amount. Fourteen investors put an offer on the asset.

Plaza Advisors’ managing partners Jim Michalak and Anthony Blanco, together with senior financial analyst Lenard Williams, represented the seller, Atlanta-based DDR Corp. The buyer was a private equity group based in Tampa. The center was DDR's only asset in the Panhandle and leasing and management proved challenging from a distance, Michalak says.

Located at the intersection US 98 and County Road 281, Gulf Breeze Marketplace was constructed in 1998. The shopping center is 100% leased and spans 333,654 square feet in a prime Pensacola location.