3479 THOMASVILLE RD Tallahassee FL 32309

For more information, please execute a CA by clicking here.

Tallahassee: Florida’s Highly Stable Governmental and Educational Anchor

Florida is the third fastest growing state in the nation: one out of every eight people born in or moving to the U.S. live in Florida. As the state capital, Tallahassee is home to approximately 30 governmental agency headquarters, including the State Supreme Court, and more than 70,000 college students attend three major institutions – all of which sustain a stable and well-educated employment base. 

- Over 46% of Tallahassee’s 177,000+ employees are employed by government and education sectors, generating a highly stable and resilient customer base
- Tallahassee is projected to add more than 12,900 jobs through 2021, flattening the unemployment rate to 0.6%
- Projected population growth tops 24,000 through 2021

Tallahassee’s Singular Affluent Trade Area Surrounds the Property

Residents nearest the Property, as well as those within the expanded trade area, offer a customer base unparalleled in the capital region. Neighborhoods nearby are home to lobbyists, university professors, medical professionals, and athletic coaches. Within the Trade Area:
- $89,107 Median Household Income is 76% greater than Florida average
- $324,627 Median Net Worth is 273% greater than Florida average
- 86% more Bachelor’s Degrees and 176% more Post-Graduate Degrees than Florida average
- 81.3% White Collar Workforce is 34% more than Florida average

Traffic Funneled to Primary Retail Node

The Property sits at a strategic corner of a primary retail hub into which massive traffic volumes are funneled; more than 163,000 cars pass by the Property on a daily basis:
- I-10 (66,608 VPD)
- Thomasville Road (45,282 VPD)
- Capital Circle NW (38,964 VPD)
- Killearn Center Blvd. (12,500 VPD)

These major roadways converge to form one of the region’s primary retail hubs, featuring best-in-class retailers including Trader Joe’s, Publix, The Fresh Market, HomeGoods, T.J. Maxx and an array of local high-end boutiques. This intersection forms a funnel through which the most sought-after, wealthy residents in the region must pass by daily as they travel to employment, government, education, and medical hubs. In addition, Tallahassee’s historically difficult zoning and protected canopy roads ensure high barriers to competitive supply.

Unique-to-Market Retailers Expand the Trade Area

The Property’s retail mix features unique-to-market retailers and daily needs offerings; drawing customers both from an extended trade area and the immediate affluent neighborhoods.
- The region’s only Hobby Lobby and Bonefish Grill; the next-closest locations are 90-minute and 110-minute trips, respectively
- CVS’s inline location features a coveted drive thru and ample parking for quick trips
- The tenancy’s drawing power and I-10 location captures customers from a 45 minute drive time

Strong, Consistent Historical Occupancy and Cash Flow Mirror Tallahassee’s Resiliency

Killearn retail submarket is approximately 99% occupied, demonstrating locational and demographic advantages and highly constrained supply.
- The Property’s average occupancy over the past 10 years exceeds 97%
- Many tenants such as Bonefish Grill, CVS, Firehouse Subs, and Moe’s Southwest Grill have occupied the Property for over a decade
- National tenants compose 80% of Annual Base Rent
- Highly productive retailers boast excellent sales and low occupancy costs
- Hobby Lobby and CVS sales are strong and growing 4%+ annually