Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire Westend Square (the “Property” or “The Square”), an Aldi Supermarket anchored shopping center (Aldi not included as part of the offering) located in the Westend District of Tallahassee, Florida. The Square is situated at the intersection of West Pensacola Street and Ocala Road, less than a mile from the main campus of Florida State University. Formerly known as University Village, The Square was completely renovated in 2022 when Aldi Supermarkets opened, and now boasts the largest Tesla super-charger station in the city. The Property consists of 152,355 rentable square feet and is currently 98% occupied boasting several national and credit tenants, including Five Below, Planet Fitness, Pet Supermarket, Aaron’s Rents, Little Caesar’s, US Post Office, and Citi Trends. The over 12-acre center benefits greatly from its proximity to FSU’s campus and features over 1,300 feet of frontage along West Pensacola Street, a main east-west corridor with traffic counts in excess of 31,000 vehicles per day. Florida State University has seen a tremendous amount of growth over the past decade and recently rose to No. 8 Best Value College among national public universities in the latest U.S News & World Report rankings. The University has a current enrollment of nearly 45,000 students, and their latest four-year and six-year graduation rates are among the highest in the nation. Every year, nearly a million people visit Leon County for reasons related to FSU—from prospective students and their families to the world’s most eminent scientists and artists. Altogether, they generate a total economic impact of nearly one-billion dollars annually. Westend Square is strategically located near several student apartment communities, such as the newly constructed, 592- bed Oktiv apartments and 291-unit Woodlands Tallahassee apartment complexes directly north of the shopping center, and Florida State’s Heritage Grove destination community, which consists of eight fraternity houses and 14 apartment buildings on over 37 acres of land. Heritage Grove is the epicenter of off-campus activities, from game-day events to concerts, and The Square benefits from the foot traffic pouring down the street. Westend Square offers an investor the unique opportunity to acquire a recently renovated shopping center with high barriers-to-entry and tremendous upside by marketing-to-market the rents as leases expire.