Milbrook Properties buys Tallahassee shopping center – CEO of Commercial Property

Milbrook Properties has acquired Westden Square, a shopping center of 152 335 square feet in Talahasi, Florida, from a private person. The property replaced its hands for $ 24 million.

The executive managing director of the institutional properties Douglas Mandel works on behalf of the seller and purchased the buyer.

A shade attached by Aldi SuperMarket, Westden Square is 2020 W. Pensacola St. A 13-decare property is currently a loan of $ 13.5 million CMBS, originating from Wilmington Trust in 2015, according to Commercialedge data. The note is expected to mature this year.

Completed in 1978, Westad Square underwent a full renovation in 2022, which coincides with the opening of Aldi. Currently, his list includes five below, Planet Fitness, Pet Supermarket, Aaron’s Asts, Little Caesar’s, AS Post Office and Citi Trends. The asset was 98 percent rental during the sale.

The retail center is close to the US route 90 and 3 miles east of the Talahasi center. The main campus of the University of Florida and its two student residential communities, as well as Florida University A&M and Tallahasesee Community College, are in a radius of 3 miles. In 2024, in the area of ​​5 miles, which had about 157,000 people around the property.

The retail real estate sector continues to experience remarkable growth, despite the challenges such as bankruptcy and closure of inherited chain stores. The search for physical trade space remains high, with job vacancies being low in 20 years, PWC’s partner Andrew Alperstein told CEO of commercial property In a recent interview.