The Cascades in Tallahassee sold for $95 million

Property located on South Gadsden Street
Posted at 5:21 PM, May 02, 2022
and last updated 2022-05-02 17:21:48-04

TALLAHASSEE, Fla. (WTXL) — A mixed-use property on South Gadsden Street sold for more than $90 million.

According to a news release from CBRE, The Cascades, located at 850 South Gadsden Street, sold for $95 million.

CBRE facilitated the sale of the property from Cincinnati, Ohio-based North American Properties to Becovic Management Company.

Becovic Management Company is based in Indianapolis, Indiana and has properties in Florida located in Jacksonville and Bradenton.

The Cascades sale includes the Millstream apartments, an office building and three land parcels designated for future development.

According to the news release, The Cascades was constructed in 2021 and includes 161 multi-family 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 multi-family units.

The news release notes the property traded at a record price per unit and price per square foot.