Out-of-state investor buys retail center in Tallahassee for $3.21 million

ST. PETERSBURG, Fla. - Rezul -- EM Real Estate Development Florida, LLC, part of an investment company based in California, has purchased a retail strip center in a dominant Tallahassee retail submarket for $3,215,000.

The 9,026-square-foot property, Villages of Apalachee, is located at 1435 E. Lafayette Street in Tallahassee's Governor's Square Mall retail submarket, just off Apalachee Parkway. Four tenants fully occupy the space – Uncle Maddio's Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon.

Mike Milano, CCIM, MAI; Sean Glickman, CCIM; Chris Smith; and Brandon Rapone, CCIM, of Colliers International represented the seller, Shuler Properties, doing business as Tally Village LLC. Raafat Morcos of Magic Real Estate Services represented the buyer.

"The Governor's Square Mall area is one of the dominant retail submarkets in Tallahassee right now," said Milano, Executive Managing Director of Retail Investment Services at Colliers International. "With a high concentration of retail properties in this area, including the Governor's Square mall, as well as being on a major roadway that connects to Interstate 10, this property is in a favorable location for a retail investor."

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The seller, Shuler Properties, specializes in the site selection, development, construction, leasing, management and financing of retail properties in the Southeastern and Southwestern United States. The company developed the property in 2008, with the intention to lease up the space and eventually sell, Milano said.

About Colliers International Group Inc.

Colliers International is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers (https://twitter.com/Colliers) or LinkedIn (https://www.linkedin.com/company/colliers-inter...).