March 11, 2022 – Luke Thomson and Travis Jones of Horvath & Tremblay have successfully completed the sale of Florida Blue in Tallahassee, Florida. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $4,992,000.
Florida Blue is located at 2116 Apalachee Parkway in Tallahassee, Florida. The stand-alone building consists of 5,100 square feet on 1.16-acres of land. Florida Blue, a division of Blue Cross and Blue Shield, recently exercised their renewal option early, demonstrating their commitment to the site and the market, and there are 6+ years remaining on a Triple Net (NNN) Lease with one, 5-Year renewal option. The lease features attractive 2.0% annual rent increases throughout the current term and renewal option. The property is ideally situated as a pad site to Target and along the main retail corridor in Tallahassee. The property is located less than 1 mile from Governor’s Square, a shopping center anchored by JCPenney, Macy’s and Dillard’s, and is surrounded by countless national tenants including Kohl’s, Dick’s, Family Dollar, PetSmart, Burlington, Wendy’s, and Harbor Freight Tools. There are 11,257 people within 1 mile of the site, 65,064 people within 3 miles and 151,259 people within 5 miles of the property. This area has seen strong population growth annually in the 1-, 3-, and 5-mile rings, which is projected to continue through 2025. Florida Blue is also ideally located approximately 3 miles from Florida State University and Florida A&M with combined enrollment of over 47,000 students.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.