IPA brokers $ 24 million sales at Westden Square Shopping in Talahassi – Rebusinessonline

Tallahassee, FLA. -Institutional ownership advisers (IPA), a Marcus & Millichap division, has mediated a $ 24 million in Westden Square, a $ 152 335 square meter shopping center in Talahasi. Douglas Mandel of IPA is the seller Stephen Leoni and purchased the buyer based in New York Milbrook Properties in the deal. Mandel says the shopping center has an upstanding potential, as the current rental rates of the property are 25 percent below the market rates.

Situated one mile from the campus of the State University of Florida, Westend Square was 98 percent leasing during the sale of tenants, including five above, Planet Fitness, Pet for Pets, Aaron Rent, Little Caesars Pizza , US mail and Citi Trends. Aldi Shadow-Houndors Center, which was renovated in 2022.