Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a north Florida retail center anchored by Planet Fitness. The 58,038-square-foot property is located at 1925 North Monroe Street in Tallahassee, Florida. Brett Puckett of Stan Johnson Company represented the seller, an individual investor based in Mississippi. The private 1031 exchange buyer purchased the property for $4.4 million.
“After accomplishing his goals on the sale of a center in Georgia, the owner of this property engaged our team to list and sell this Planet Fitness anchored center,” said Puckett, Associate in Stan Johnson Company’s Cincinnati, Ohio office. “Through our pre-marketing efforts, we were able to identify a buyer whose investment objectives were a perfect match for this center before it hit the open market. Although the deal faced its share of hurdles, the integrity and transparency demonstrated by both the buyer and seller made this transaction a smooth process.”
The property was originally built in 1977 and was renovated in 2015. It is situated on 4.9 acres and was fully leased at the time of sale to Planet Fitness and two additional tenants. The site is just minutes from Interstate 10 in north central Tallahassee, and neighboring tenants include Publix, McDonald’s and Chick-fil-A, among many others.