{"id":1004746166,"date":"2025-02-06T06:35:43","date_gmt":"2025-02-06T14:35:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004746166"},"modified":"2025-02-06T06:35:50","modified_gmt":"2025-02-06T14:35:50","slug":"milbrook-properties-buys-tallahassee-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/milbrook-properties-buys-tallahassee-shopping-center\/","title":{"rendered":"Milbrook Properties Buys Tallahassee Shopping Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Westend-Square-in-Tallahassee-Fla.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"409\" height=\"307\" data-attachment-id=\"1004746169\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/westend-square-in-tallahassee-fla-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Westend-Square-in-Tallahassee-Fla-edited.jpg\" data-orig-size=\"409,307\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Westend Square in Tallahassee, Fla.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Westend-Square-in-Tallahassee-Fla-edited.jpg?w=409\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Westend-Square-in-Tallahassee-Fla-edited.jpg\" alt=\"Aerial shot of Westend Square, a 152,335-square-foot retail center in Tallahassee, Fla.\" class=\"wp-image-1004746169\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Westend-Square-in-Tallahassee-Fla-edited.jpg 409w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Westend-Square-in-Tallahassee-Fla-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 409px) 100vw, 409px\" \/><\/a><figcaption class=\"wp-element-caption\">Westend Square covers a 13-acre site and is shadow-anchored by an Aldi store. <em>Image courtesy of Institutional Property Advisors<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Milbrook Properties has acquired Westend Square, a 152,335-square-foot shopping center in Tallahassee, Fla., from a private individual. The property changed hands for $24 million.<\/p>\n\n\n\n<p>Institutional Property Advisors Executive Managing Director Douglas Mandel worked on behalf of the seller and procured the buyer.<\/p>\n\n\n\n<p>Shadow-anchored by an Aldi supermarket, Westend Square is at 2020 W. Pensacola St. The 13-acre property is currently subject to a $13.5 million CMBS loan originated by Wilmington Trust in 2015, CommercialEdge data shows. The note is expected to mature this year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-shopping-center-in-a-student-housing-hub\">Shopping center in a student housing hub<\/h2>\n\n\n\n<p>Completed in 1978, Westend Square underwent a complete renovation in 2022, which coincided with Aldi&#8217;s opening. Its roster currently features Five Below, Planet Fitness, Pet Supermarket, Aaron\u2019s Rents, Little Caesar\u2019s, the U.S. Post Office and Citi Trends. The asset was 98 percent leased at the time of sale.<\/p>\n\n\n\n<p>The retail center is near U.S. Route 90 and 3 miles east of downtown Tallahassee. Florida State University\u2019s main campus and its two student housing communities, as well as Florida A&amp;M University and Tallahassee Community College, are within a 3-mile radius. In 2024, there were some 157,000 people living in the 5-mile area surrounding the property.<\/p>\n\n\n\n<p>The retail real estate sector continues to experience notable growth, despite challenges like bankruptcies and closures of legacy chain stores. The demand for physical retail space remains high, with vacancy rates at their lowest in 20 years, PwC Partner <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-space-in-focus-whats-driving-the-sectors-growth\/\">Andrew Alperstein told <em>Commercial Property Executive<\/em><\/a> in a recent interview. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Institutional Property Advisors represented the seller and procured the buyer.<\/p>\n","protected":false},"author":3619,"featured_media":1004746169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,32781],"tags":[35826,32889,35230,52383],"class_list":["post-1004746166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southeast","tag-cmbs","tag-douglas-mandel","tag-institutional-property-advisors","tag-wilmington-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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