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Becovic Management Co. Acquires Mixed-Use Property In Tallahassee For $95M

Property Image
SOLD
$95,000,000
Michael "Mike" Harrell
Michael Regan
Joe Ayers
+ 2

Florida

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Mixed-use
Sold 05/02/2022
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Property Image
SOLD

Becovic Management Co. Acquires Mixed-Use Property In Tallahassee For $95M

850 South Gadsden Street, Tallahassee, Florida 32301, United States

See Similar Deals
Mixed-use
Sold 05/02/2022
Michael "Mike" Harrell
Michael Regan
Joe Ayers
+ 2
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Mixed-use
Transaction Type:Sale

Becovic Management Co. has acquired a mixed-use property located at 850 S Gadsden Street in Tallahassee. The property was sold by North American Properties in a transaction facilitated by CBRE brokers Frank Carriera, Mike Regan, Joe Ayers, Cliff Taylor, and Mike Harrell. The sale took place on May 2, 2022, for a total price of $95,000,000.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $95,000,000
  • Address: 850 S Gadsden Street, Tallahassee
  • Market: Tallahassee

The acquisition by Becovic Management Co. marks a significant investment in the Tallahassee market. The property's characteristics and exact square footage were not disclosed in the available information.

Players

Cliff Taylor
CBRE
Cliff Taylor
13 deals$606.8M volume
BROKER
Francesco (Frank) Carriera
CBRE
Francesco Carriera
15 deals$1.5B volume
BROKER
Joe Ayers
CBRE
Joe Ayers
14 deals$624.3M volume
BROKER
Michael Regan
CBRE
Michael Regan
14 deals$1.5B volume
BROKER
Michael "Mike" Harrell
CBRE
Michael Harrell
2 deals$106.8M volume
BROKER
NP
North American Properties
SELLER

Details

SOLD
IMAGE: Joe Ayers, Cliff Taylor, Mike Regan, Mike Harrell & Frank Carriera DATE: 05/02/2022 ADDRESS: 850 S Gadsden Street MARKET: Tallahassee ASSET TYPE: Mixed-use BUYER: Becovic Management Co. (@BecovicManagementGroup) SELLER: North American Properties (@NaProp1954) BROKERS: Frank Carriera (@Florida_Multifamily), Mike Regan, Joe Ayers, Cliff Taylor & Mike Harrell - CBRE (@Cbre) SALE PRICE: $95,000,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,066,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$337,514.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$450,348.47
Annual Debt Service$5,404,181.60