GBT Realty Acquires 243,000-Square-Foot Shopping Center in Florida for $25.5 Million

Governor’s Marketpace in Tallahassee, Florida, houses tenants such as Bed Bath & Beyond, Old Navy and Urban Air, a family entertainment center with an indoor trampoline park. Governor’s Marketpace in Tallahassee, Florida, houses tenants such as Bed Bath & Beyond, Old Navy and Urban Air, a family entertainment center with an indoor trampoline park.

Tallahassee, Fla. — GBT Realty Corp. has acquired Governor’s Marketplace, a 243,000-square-foot shopping center in Tallahassee, for $25.5 million.

Bill Fishel and Matthew Stewart of HFF arranged acquisition financing through MidCap Financial on behalf of GBT Realty, which acquired the property from Retail Properties of America Inc. (RPAI). Governor’s Marketplace was 97 percent leased at the time of sale to tenants such as Carter’s, Five Below, Marshall’s, Michaels, Bed Bath & Beyond, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center’s newest tenant is Urban Air, a family entertainment center with an indoor trampoline park that backfilled a former Sports Authority.

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