TALLAHASSEE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $24 million sale of Westend Square, a 152,335-square-foot shopping center in Tallahassee. Douglas Mandel of IPA represented the seller, Steven Leoni, and procured the buyer, New York-based Milbrook Properties, in the deal. Mandel says the shopping center has upside potential as the property’s current rental rates are 25 percent below market rates.
Situated within a mile from Florida State University’s campus, Westend Square was 98 percent leased at the time of sale to tenants including Five Below, Planet Fitness, Pet Supermarket, Aaron’s Rent To Own, Little Caesars Pizza, the U.S. Post Office and Citi Trends. Aldi shadow-anchors the center, which was renovated in 2022.