A redeveloped shopping center sold in 2025 in what industry observers say was the year's largest retail deal in the Tallahassee, Florida, market.
JBL Asset Management paid Leon Capital Group $26.8 million, or more than $330 a square foot, for Market Square at 1415 Timberlane Road, according to CoStar data. The 81,082-square-foot retail plaza is within the city's popular Market District and near Florida State University at the intersection of Interstate 10 and Thomasville Road.
Anchored by a 22,000-square-foot REI store, the center also counts Sanitas Medical Center, Connor Steakhouse, Market Square Liquers and Southern Seafood as tenants.
About the project: Three of the four buildings in the plaza were fully leased at the time of the transaction. The deal also included a one-acre, pad-ready site. The Market District has more than 100 shopping, dining, and entertainment businesses. The average annual household income within three miles tops $100,000.
“Located in Tallahassee’s heavily frequented Market District, this newly renovated, high-occupancy retail center with a complementary blend of regional and national tenants represents a rare improved shopping center sale in today’s market,” said Alvin Mansour, an executive managing director for Marcus & Millichap, in a statement. “The amount of buyer activity indicates continued strong appetite for well-located retail assets.”
They made it happen: Alvin Mansour, executive managing director, and Jon Talia, managing director, of The Mansour Group of Marcus & Millichap brokered the sale. Jacob Khotoveli, founder and managing partner, and Kfier Cohen, director of acquisitions & dispositions, led the acquisition effort for Hollywood, Florida-based JBL Asset Management.