Tallahassee Retail Asset Changes Hands for $16M
- Aug 01, 2018
Principals of CREC acquired Killearn Shopping Center, a Hobby Lobby-anchored retail property in Tallahassee, Fla., for $15.9 million. JLL Capital Markets arranged the sale and financing of the property on behalf of the sellers, a joint venture between DDR Corp. and Madison International Realty.
Located at 3479-99 Thomasville Road, the asset comprises 95,229 square feet and is 97.7 percent leased to a variety of retailers including CVS, Five Guys Burgers & Fries, Bonefish Grill and Firehouse Subs.
JLL’s Managing Director Carson Good and Vice President Tarik Bateh led the sale. The team also arranged $10.3 million in acquisition debt financing from Bank United, on behalf of CREC.
“Killearn Shopping Center lies at the front door to Tallahassee’s affluent residential neighborhoods,” said Good, in a prepared statement. “The combination of the region’s best demographics, high traffic volumes and consistent, predictable cash flow generated significant investor interest in the property. We are seeing an increase in investor appetite for high quality, stabilized shopping centers in secondary markets like Tallahassee. CREC’s demonstrated track record of successfully operating similar properties distinguished their offer from a number of other qualified investors.”
In May, the joint venture also sold the $16.9 million Clearwater Crossing, a 90,566-square-foot shopping center located in Flowery Branch, Ga. Forum Management Group purchased the asset in a transaction once again facilitated by JLL.
Image courtesy of JLL Capital Markets