Institutional Property Advisors Closes Shopping Center Sale in Tallahassee
February 05, 2025
TALLAHASSEE, Fla., Feb. 5, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Westend Square, a 152,335-square-foot shopping center in Tallahassee, Florida. The property sold for $24 million.
“Shadow-anchored by an Aldi supermarket, Westend Square was completely renovated in 2022 when Aldi opened,” said Douglas Mandel, IPA executive managing director. “The center gives the buyer tremendous upside potential as current rents are nearly 25% below current market rates.” Mandel represented the seller, Steven Leoni, and procured the buyer, Milbrook Properties.
The property is in Tallahassee’s Westend District, less than a mile from Florida State University’s (FSU) main campus, adjacent to two student housing complexes, Oktiv and Woodlands Tallahassee. The 37-acre Heritage Grove residential community of FSU, which has eight fraternity houses, and 14 apartment buildings is close by. Doak Campbell Stadium, Tennessee Street/U.S. Highway 90, Tallahassee Community College, and the Florida State Capitol are within immediate proximity.
At the time of the sale, Westend Square was 98% occupied by a tenant roster that includes Five Below, Planet Fitness, Pet Supermarket, Aaron’s Rents, Little Caesar’s, the U.S. Post Office, and Citi Trends.
“Shadow-anchored by an Aldi supermarket, Westend Square was completely renovated in 2022 when Aldi opened,” said Douglas Mandel, IPA executive managing director. “The center gives the buyer tremendous upside potential as current rents are nearly 25% below current market rates.” Mandel represented the seller, Steven Leoni, and procured the buyer, Milbrook Properties.
The property is in Tallahassee’s Westend District, less than a mile from Florida State University’s (FSU) main campus, adjacent to two student housing complexes, Oktiv and Woodlands Tallahassee. The 37-acre Heritage Grove residential community of FSU, which has eight fraternity houses, and 14 apartment buildings is close by. Doak Campbell Stadium, Tennessee Street/U.S. Highway 90, Tallahassee Community College, and the Florida State Capitol are within immediate proximity.
At the time of the sale, Westend Square was 98% occupied by a tenant roster that includes Five Below, Planet Fitness, Pet Supermarket, Aaron’s Rents, Little Caesar’s, the U.S. Post Office, and Citi Trends.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.