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Marcus & Millichap Brokers Sale Of Retail Center Anchored By REI In Tallahassee For $26.78M
SOLD
$26,780,000
Florida
See Similar DealsRetail81,082 SF
Sold 04/15/2025
SOLD
Marcus & Millichap Brokers Sale Of Retail Center Anchored By REI In Tallahassee For $26.78M
1471 Timberlane Road
See Similar DealsRetail81,082 SF
Sold 04/15/2025
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$330
Total Square Footage:81,082 SF
Transaction Type:Sale
The retail asset located at 1471 Timberlane Road in Tallahassee has been sold for $26,780,000. This property encompasses 81,082 square feet, equating to a price per square foot of $330. The retail center is anchored by REI and features tenants such as Sanitas Medical Center and Connors Steak & Seafood.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $26,780,000
- Square Footage: 81,082
- Price Per Square Foot: $330
- Address: 1471 Timberlane Road
- Market: Tallahassee
The transaction was facilitated by brokers Alvin Mansour and Jonathan Talia from Marcus & Millichap, who represented the deal. The negotiation led to the sale of Market Square, highlighting the involvement of these key individuals in the successful closing of this retail property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,428,266.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$95,143.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$126,950.86
Annual Debt Service$1,523,410.35
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