CBRE Facilitates the $95 Million Sale of The Cascades in Tallahassee, FL
The Cascades Trades at a Record Price Per Unit and Price Per Square Foot
02 May 2022
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.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.