Governor’s Marketplace

• Governor’s Marketplace, a retail community center located in Tallahassee, Florida containing 243,108 square feet was purchased in March 2018 in partnership with a leading Nashville based operator partner
• Although 82% occupied at the time of acquisition, the property was anchored by several top national retailers including Marshall’s, Michaels, Bed Bath & Beyond, Old Navy, Ulta and Petco, and possessed many opportunities to drive value
• Anchor tenants had occupied the center for 17 years on average with only four (concentrated) vacancies
• As home to two major universities, Florida State and Florida A&M, as well as the state capital of Florida, Tallahassee is viewed as a recession-resistant market due to its population, educated workforce and government employment base
• Effective releasing efforts, attractive value-add improvements, strong tenant retention during the pandemic, and new large lease executions, resulted in a successful sale in January 2023