Marcus & Millichap Brokers Tallahassee Shopping Center Sale

TALLAHASSEE, Fla., April 11, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Market Square, a 81,082-square-foot shopping center in Tallahassee, Florida. The asset traded for over $330 per square foot.

“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, executive managing director investments, The Mansour Group of Marcus & Millichap. “The amount of buyer activity indicates continued strong appetite for well-located retail assets.” Mansour and Jon Talia, first vice president investments represented the private seller and procured the Florida-based buyer.

The center is located just over four miles from Florida State University at the intersection of Interstate 10 and Thomasville Road, which sees 57,600 to 60,100 vehicles per day. Tallahassee’s Market District is home to over 100 shopping, dining, and entertainment businesses. The average annual household income within three miles is more than $100,000.

Market Square was built in 1977 on 10-plus acres and underwent significant redevelopment in 2021. Anchored by a 22,000-square-foot REI, the center’s tenant roster includes Sanitas Medical Center, Connor Steakhouse, Med Spa, and Southern Seafood. Ryan Nee is Marcus & Millichap’s broker of record in Florida.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.