Brentwood, TN-based GBT Realty Corporation has sold the 243,000-square-foot Governor’s Marketplace shopping center in Tallahassee, FL for $34 million. The property, which also includes a two-acre parcel with two buildings, was 96% leased at closing.
Brad Peterson of JLL represented seller GBT Realty Corporation, a developer and owner of commercial real estate throughout the US that currently has over $3 billion of assets in the pipeline or under construction by its shopping center, net lease, capital holdings and diversified development divisions. The buyer was a private investor.
“With its proximity to FL’s state capital and state colleges, location along the Apalachee Parkway retail corridor and overall dominant scale, we knew Governor’s Marketplace would perform well when we acquired it nearly five years ago — particularly for co-tenancy-minded tenants and shoppers,” said Scott Porter, managing director of GBT Realty Corporation’s capital holdings division.
