GBT Realty Sells Power Retail Center in Tallahassee for $34 Million

by Hayden Spiess

Tallahassee, Fla. — GBT Realty has sold Governor’s Marketplace, a 243,000-square-foot power retail center located on a 34.7-acre site in Tallahassee. The buyer, an undisclosed private investor, purchased the property for $34 million. Brad Peterson of JLL represented GBT in the transaction. The shopping center was 96 percent leased at the time of sale to tenants including Marshalls, Michaels, Urban Air, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center had 10,000 square feet of space available at the time of sale. Also included in the sale was a nearly two-acre parcel at the southeast corner of Magnolia Avenue and Governor’s Square Boulevard that has two existing buildings on the site.

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