PENSACOLA, FL—Cordova Commons and Tradewinds Shopping Center, two retail power centers totaling approximately 344,000 square feet in Pensacola, FL, have traded hands. A joint venture between AEW Capital Management and GMH Capital Partners sold the retail assets to Cole Real Estate Investments. Financial terms of the deal were not disclosed.

HFF marketed the properties on behalf of the seller. HFF managing directors Danny Finkle and Brad Peterson, managing director Paul Stasaitis, and director Luis Castillo, led the charge. Thomas Falatko, vice president of acquisitions at Cole, represented his firm.

“These deals are evidence that institutional investors are migrating to mid-size markets and buying best in class assets due to the lack of high-quality deals in primary markets,” Peterson tells GlobeSt.com. “Cordova Commons features The Fresh Market, Marshalls, Stein Mart, Petco, DSW and Ulta and is located at the very best intersection in Pensacola.”

Most recently renovated in 2012, Cordova Commons is located at 1650-1680 Airport Boulevard at the intersection of North 9th Avenue across from Pensacola State College, Cordova Mall and Sacred Heart Hospital. Sitting on 11.9 acres, the 165,480-square-foot retail center is 100% leased.

Tradewinds Shopping Center is located at 6601 North Davis Highway, less than one mile from Interstate 10. The 178,554-square-foot center sits on 19.15 acres and is occupied by tenants including TJ Maxx, Home Goods, Dollar General, and Jo-Ann Fabrics.

“It is no exaggeration to say it is the number one open-air shopping center in more than 30 miles,” Peterson says. “Tradewinds Shopping Center which is also located nearby offers a superior location, excellent anchor line-up and strong tenant performance. Pensacola has some of the healthiest retail fundamentals in the state of Florida because there was very little new construction in the economic downturn. As such it was no surprise that several institutional investors bid on these assets.”