Milbrook Properties Buys Tallahassee Shopping Center

Milbrook Properties has acquired Westend Square, a 152,335-square-foot shopping center in Tallahassee, Fla., from a private individual. The property changed hands for $24 million.

Institutional Property Advisors Executive Managing Director Douglas Mandel worked on behalf of the seller and procured the buyer.

Shadow-anchored by an Aldi supermarket, Westend Square is at 2020 W. Pensacola St. The 13-acre property is currently subject to a $13.5 million CMBS loan originated by Wilmington Trust in 2015, CommercialEdge data shows. The note is expected to mature this year.

Shopping center in a student housing hub

Completed in 1978, Westend Square underwent a complete renovation in 2022, which coincided with Aldi’s opening. Its roster currently features Five Below, Planet Fitness, Pet Supermarket, Aaron’s Rents, Little Caesar’s, the U.S. Post Office and Citi Trends. The asset was 98 percent leased at the time of sale.

The retail center is near U.S. Route 90 and 3 miles east of downtown Tallahassee. Florida State University’s main campus and its two student housing communities, as well as Florida A&M University and Tallahassee Community College, are within a 3-mile radius. In 2024, there were some 157,000 people living in the 5-mile area surrounding the property.

The retail real estate sector continues to experience notable growth, despite challenges like bankruptcies and closures of legacy chain stores. The demand for physical retail space remains high, with vacancy rates at their lowest in 20 years, PwC Partner Andrew Alperstein told Commercial Property Executive in a recent interview.