CBRE Facilitates the $95 Million Sale of The Cascades in Tallahassee, FL

CBRE has facilitated the sale of The Cascades, a mixed-use property located at 850 S. Gadsden Street in Tallahassee, Fla., for $95 million.

Frank Carriera, Mike Regan, Joe Ayers, Cliff Taylor, and Mike Harrell with CBRE represented the both the buyer, Becovic Management Company, and the seller, North American Properties, in the transaction.

Constructed in 2021, The Cascades includes 161 multifamily units; 44,247 square feet of office space; 29,553 square feet of ground floor retail; central plaza; historical plaza; 4,914-square-foot historic building; 770-space parking garage; and three development pads that can support an additional 173 multifamily units.

“The Cascades is a truly unique product resulting from the visionary partnership between North American Properties and the city of Tallahassee. It is unlikely that a similar live-work-play environment will be delivered in Downtown Tallahassee in the coming years,” said CBRE Executive Vice President Frank Carriera.

CBRE Senior Vice President Joe Ayers added, “The property leased-up at an extraordinary rate on the multifamily side and has executed exceptional leases on the office and retail side. We were able to relay this message and deliver a record price per unit on the multifamily, as well as a record price per square foot for both the office and retail portions of the project.”