DESTIN, FL—The Shoppes at Paradise Isle, a 171,837-square-footretail power center in Destin, FL, has a newowner. Stoltz Real Estate Partners' fifth USdiversified fund acquired the retail asset for$32.8 million free and clear of existing debt.

HFF marketed the property on behalf of theseller, Weingarten Realty Investors. HFFsenior managing director Brad Peterson andassociate director Whitaker Leonhardt brokered thedeal.

“The sale of the Shoppes at Paradise Isle is another example ofhow investors are going to secondary markets and buyingbest-in-class centers to find more yield since pricing in theprimary markets has gotten so aggressive,” Petersen tellsGlobeSt.com. “The is the fifth shopping centertransaction that HFF has closed in the Florida Panhandle so far in2014, and we are about to bring another shoppingcenter sale to market in Pensacola in the next 10days.”