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Milbrook Properties Acquires Retail Asset At 2020 West Pensacola Street For $24M

Property Image
SOLD
$24,000,000

Florida

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Retail152,335 SF
Sold 02/04/2025
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Property Image
SOLD

Milbrook Properties Acquires Retail Asset At 2020 West Pensacola Street For $24M

2020 West Pensacola Street

See Similar Deals
Retail152,335 SF
Sold 02/04/2025
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$157
Total Square Footage:152,335 SF
Transaction Type:Sale

The property asset involved in this transaction is a retail space located at 2020 West Pensacola Street in Tallahassee. The sale price was $24,000,000, and the property encompasses approximately 152,335 square feet, translating to a price per square foot of $157.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $24,000,000
  • Address: 2020 West Pensacola Street
  • Market: Tallahassee
  • Square Footage: 152,335
  • Price per Square Foot: $157
  • Buyer: Milbrook Properties
  • Seller: Student Housing Solutions
  • Brokers: Douglas Mandel - Marcus & Millichap

This transaction involved key individuals and companies, with Milbrook Properties acquiring the property from Student Housing Solutions. The deal was facilitated by broker Douglas Mandel, representing Marcus & Millichap, who played an essential role in the transaction process.

Players

Douglas K. Mandel
72 deals$1.1B volume(954) 245-3465
BROKER

Zach Levine
Marcus & Millichap
41 deals$620.1M volume(954) 296-6253
BROKER

Joshua (Josh) Gilbert
Marcus & Millichap
9 deals$108.2M volume(516) 695-1473
BROKER

Details

SOLD
IMAGE: Douglas Mandel DATE: 02/04/2025 ADDRESS: 2020 West Pensacola Street MARKET: Tallahassee ASSET TYPE: Retail BUYER: Milbrook Properties SELLER: Student Housing Solutions BROKERS: Douglas Mandel (@DougMandel) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $24,000,000 SF: 152,335 ~ PPSF: $157

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

$1,279,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93