MIAMI—South Florida is hitting on all cylinders, but North Florida is seeing plenty of commercial real estate action of its own. In fact, in December I asked the question: Is North Florida the New South Florida?

In the latest notable retail deal, Ferry Pass Plaza, a 115,198-square-foot community retail center in Pensacola, FL, just traded hands. HFF arranged the sale of the property on behalf of the seller, Phillips Edison & Company. Albanese Cormier Holdings purchased the asset free and clear of existing debt.

“The level of interest from investors for Ferry Pass is evidence that investors are continuing to broaden their geographic investment criteria,” Brad Peterson, senior managing director at HFF, tells GlobeSt.com. “There simply are not enough quality retail deals being offered in primary markets to meet the volume of capital that is seeking these deals. As such, investors are considering assets in secondary markets to fulfill their acquisition objectives.”

Ferry Pass Plaza sits on a dominant 12.3-acre corner at 8102 North Davis Highway, where it intersects with Interstate 10. North Davis Highway (SR 291) is one of the primary retail corridors in Pensacola with traffic counts exceeding 60,500 cars per day.

The retail center is across the street from West Florida Hospital and less than three miles from the University of West Florida. The shopping center is 96.9% leased. Anchor tenants include Ross Dress for Less, Dollar Tree, and Dirt Cheap. HF associate director Whitaker Leonhardt assisted Peterson with the transaction.

“HFF has been extremely active in the Florida Panhandle and continues to see a healthy amount of interest in the region from investors,” Peterson says. “Ferry Pass Plaza presented a unique opportunity to invest in high-quality real estate in a tightly-concentrated Pensacola submarket with the future opportunity to add value or re-position the asset.”