LARGE OFFICE INVESTMENT PORTFOLIO SELLS IN TALLAHASSEE
Tallahassee, Florida [October 9, 2020] – NAI TALCOR, a member of the world’s premier managed network of commercial real estate firms, announced today that Jimmy Nystrom, SIOR, and Kat Butler, members of our Tallahassee brokerage team, negotiated the sale of 4 office buildings located in the Woodcrest Office Park. This sell marks a large investment sale in the middle of a pandemic for the Tallahassee office commercial real estate market.
Located just minutes from the State Capitol, the four properties sold in the investment portfolio totaled 94,164 square-feet. The properties include The Atrium, located at 323 John Knox Road and centrally located within Tallahassee’s MSA. The building is currently 98% occupied with over 55,645 rentable square feet. It is home to the State Department of Financial Services, the State Fire Marshall office, Intuition Systems, Inc, and others tenants. The portfolio also included buildings C, D, and E making up the difference of the large investment selling at $8.3 million dollars.
“The four properties will make a great asset for the buyer” said Jimmy Nystrom, SIOR, Senior Commercial Advisor of NAI TALCOR Commercial Real Estate Services. “We are a strong market and looking forward to overcoming the current market conditions with COVID being a large factor.”
The Atrium has been exceptionally well-maintained with over $1.7 million in capital improvements made in recent years. Bathrooms on 2nd and 3rd floors completed in the last 12 months. Several HVAC units have been replaced in the last 5 years as well. All but one interior space has been updated in the last 24 months.
Next to the Atrium, Buildings C, D and E currently hold an occupancy rate of 88%. With 28,550 square-feet of divisible office spaces, these buildings provide highly coveted small foot-print suites just off the arterial road Monroe Street.
With their updated interior spaces, recently renovated restrooms and high occupancy rates, Woodcrest Office Park, and its assets, are and will continue to be a desirable long-term investment for its undisclosed buyer.
The overall Tallahassee office market is currently at a vacancy rate of 6.0% in the beginning of the fourth quarter of 2020, well below the national average of 10.8%. The Tallahassee Central Business District has a mixed-use project in the Cascades Park area which will add an additional 63,980 feet of office space along with a Hotel and Apartments projected to be completed in Q4 2020. In more rural suburban markets, an additional 20,000 square feet will be added by 2021. Over 200,000 square feet of state offices were relocated from the West Tennessee corridor to the Centre of Tallahassee. The office parks in which these tenants left will likely be redeveloped and repositioned with new ownership in the next three to five years, as they are obsolete office space with little interest from prospective tenants.
Almost as impression as the magnitude of this transaction is the fact that it’s taken place during a global pandemic. Covid-19 has unilaterally impacted a number of markets both national and locally. NAI TALCOR continues to maneuver through COVID 19 and what impact that will have to commercial real estate and our office markets, Tallahassee, the capital of Florida, is the third most populous state in the nation. With a population of 385,000 people, the Tallahassee metropolitan area boasts a diverse economy supported by a business-friendly climate. Tallahassee MSA has the fastest growing economy per capita for any Florida city. Tallahassee maintains a stable economy with significant footprints in the Government Services, Healthcare, Financial Services, and Hospitality sectors. Additionally, Tallahassee is home to two major universities, Florida State University and Florida A&M University, making Education a major demand driver for the region.
ABOUT
NAI TALCOR
With 70 team members including 30 licensed commercial sales advisors, NAI TALCOR is the leader in the North Florida, South Georgia and South Alabama markets. NAI TALCOR is a full service commercial real estate brokerage, property management, development and construction management firm. Providing commercial real estate services since 1990, NAI TALCOR has steadily grown by meeting client needs and partnering with others to promote mutual growth and prosperity in all aspects of commercial property ownership.
NAI TALCOR clients receive global reach with local expertise, a truly distinct advantage in commercial real estate services. Whether real estate requirements are in one market or many, we help our clients understand the market, acquire, dispose of, develop or manage their property with ease.
NAI TALCOR provides comprehensive brokerage, leasing, property management, receivership services, and facility/construction management to the North Florida, South Georgia and South Alabama commercial real estate marketplace. Our collaborative services platform, expansive, yet nimble responsive structure which enables efficient, full services delivery of all elements of Commercial Real Estate Services to the region. NAI TALCOR is involved with the leasing, selling, and property management throughout North Florida, South Georgia and South Alabama. Our skilled professionals specialize in office, retail, industrial, land, multi-family, special-purpose, medical, and other properties.
With 70 team members including 30 licensed commercial sales advisors, NAI TALCOR is the leader in the North Florida, South Georgia and South Alabama markets. NAI TALCOR is a full service commercial real estate brokerage, property management, development and construction management firm. Providing commercial real estate services since 1990, NAI TALCOR has steadily grown by meeting client needs and partnering with others to promote mutual growth and prosperity in all aspects of commercial property ownership.
NAI TALCOR clients receive global reach with local expertise, a truly distinct advantage in commercial real estate services. Whether real estate requirements are in one market or many, we help our clients understand the market, acquire, dispose of, develop or manage their property with ease.
NAI TALCOR provides comprehensive brokerage, leasing, property management, receivership services, and facility/construction management to the North Florida, South Georgia and South Alabama commercial real estate marketplace. Our collaborative services platform, expansive, yet nimble responsive structure which enables efficient, full services delivery of all elements of Commercial Real Estate Services to the region. NAI TALCOR is involved with the leasing, selling, and property management throughout North Florida, South Georgia and South Alabama. Our skilled professionals specialize in office, retail, industrial, land, multi-family, special-purpose, medical, and other properties.
ABOUT JIMMY NYSTROM, CCIM
Jimmy Nystrom is the Director of Leasing and a Senior Advisor at NAI TALCOR. He is a 40 year Tallahassee resident with a unique knowledge of the market. Jimmy specializes in office and retail leasing, tenant representation and office building sales. Currently, Jimmy represents landlords on nearly a million and a half square feet of office and retail space. Jimmy oversees the leasing of approximately 1,120,000 square feet of office space in the Tallahassee market. He works with numerous Landlords to maximize their return on their real estate investment. He also oversees the day to day leasing of over 700,000 square feet of retail space.
Jimmy began his Real Estate career in 1985 with Investors Realty in the commercial division. He remained there until 1990 when TALCOR was formed, being one of the original agents of the company. Jimmy has over 30 years of commercial real estate experience with a concentration in office leasing and sales. He has had the opportunity to represent firms such as SunTrust Banks, AARP, Cambridge Systematics, Xerox, IBM and Merrill Lynch.
Jimmy Nystrom is the Director of Leasing and a Senior Advisor at NAI TALCOR. He is a 40 year Tallahassee resident with a unique knowledge of the market. Jimmy specializes in office and retail leasing, tenant representation and office building sales. Currently, Jimmy represents landlords on nearly a million and a half square feet of office and retail space. Jimmy oversees the leasing of approximately 1,120,000 square feet of office space in the Tallahassee market. He works with numerous Landlords to maximize their return on their real estate investment. He also oversees the day to day leasing of over 700,000 square feet of retail space.
Jimmy began his Real Estate career in 1985 with Investors Realty in the commercial division. He remained there until 1990 when TALCOR was formed, being one of the original agents of the company. Jimmy has over 30 years of commercial real estate experience with a concentration in office leasing and sales. He has had the opportunity to represent firms such as SunTrust Banks, AARP, Cambridge Systematics, Xerox, IBM and Merrill Lynch.
ABOUT
KAT BUTLER
Kat Butler is a Tallahassee transplant from Nashville, Tennessee that made the move south mid-2018 to be closer to family and the beach. She joined the world of commercial real estate in 2012 starting with a focus in portfolio management. Shortly after getting her real estate sales license she joined Marcus & Millichap as a sales associate specializing in office and retail. As a member of the Nashville Office and Retail team, they successfully closed over 60 investment transactions and evaluated over $1 billion in investment real estate. In 2017 prior to moving to Tallahassee, she was given the opportunity to lead the Nashville Multi-Family Investment Sales team where they closed over $9 million in their first ten months and evaluated over $145 million in multi-family assets across the southeast. Since moving to Tallahassee, Kat has closed over $5 million in commercial real estate and teamed up with senior agents John McNeill and Jimmy Nystrom to help continue grow their portfolios at NAI TALCOR.
Her expertise in investment acquisition/disposition, transaction management, lease interpretation, property marketing, financial auditing and marketplace analysis helps commercial real estate clients of all backgrounds, including landlords, tenants, developers and investors, secure the best opportunity for their commercial real estate needs.
Kat Butler is a Tallahassee transplant from Nashville, Tennessee that made the move south mid-2018 to be closer to family and the beach. She joined the world of commercial real estate in 2012 starting with a focus in portfolio management. Shortly after getting her real estate sales license she joined Marcus & Millichap as a sales associate specializing in office and retail. As a member of the Nashville Office and Retail team, they successfully closed over 60 investment transactions and evaluated over $1 billion in investment real estate. In 2017 prior to moving to Tallahassee, she was given the opportunity to lead the Nashville Multi-Family Investment Sales team where they closed over $9 million in their first ten months and evaluated over $145 million in multi-family assets across the southeast. Since moving to Tallahassee, Kat has closed over $5 million in commercial real estate and teamed up with senior agents John McNeill and Jimmy Nystrom to help continue grow their portfolios at NAI TALCOR.
Her expertise in investment acquisition/disposition, transaction management, lease interpretation, property marketing, financial auditing and marketplace analysis helps commercial real estate clients of all backgrounds, including landlords, tenants, developers and investors, secure the best opportunity for their commercial real estate needs.
ABOUT
NAI GLOBAL
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world. Whether you need to buy, sell, lease, finance, or manage commercial property in your town, across the U.S. or in Asia, Europe, Latin America, and beyond, your nearby NAI Global local office is your local point of entry into a world of creative solutions in commercial real estate.
Exceptional global commercial real estate solutions begin with local market leadership and expertise. NAI Global offices are respected local-market roles models that are passionate about the commercial real estate business. With long histories of success across market cycles, NAI Global offices have a hard-earned, unusually deep level of local market knowledge and insight beyond the commoditized data you find elsewhere. This depth of knowledge is borne from their local relationships nurtured for generations-relationships that give our local-market leading offices the edge with the know-how, who, what, where, and when to achieve exceptional results for clients.
As an organization, NAI Global actively manages this industry-leading platform of local market knowledge and leadership, providing support and services that yield seamless integration and the consistent delivery of exceptional services to clients worldwide.
To learn more, visit www.TALCOR.com or www.naiglobal.com
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world. Whether you need to buy, sell, lease, finance, or manage commercial property in your town, across the U.S. or in Asia, Europe, Latin America, and beyond, your nearby NAI Global local office is your local point of entry into a world of creative solutions in commercial real estate.
Exceptional global commercial real estate solutions begin with local market leadership and expertise. NAI Global offices are respected local-market roles models that are passionate about the commercial real estate business. With long histories of success across market cycles, NAI Global offices have a hard-earned, unusually deep level of local market knowledge and insight beyond the commoditized data you find elsewhere. This depth of knowledge is borne from their local relationships nurtured for generations-relationships that give our local-market leading offices the edge with the know-how, who, what, where, and when to achieve exceptional results for clients.
As an organization, NAI Global actively manages this industry-leading platform of local market knowledge and leadership, providing support and services that yield seamless integration and the consistent delivery of exceptional services to clients worldwide.
To learn more, visit www.TALCOR.com or www.naiglobal.com
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