Tallahassee, FL – Edgecap Partners II LLC, an affiliate of Edgewater Group LLC (“Edgewater”), is pleased to announce the acquisition of two retail strip centers in Tallahassee, FL, by TPIS LLC, a subsidiary of Edgewater Valley Forge Fund II LP. The two parcels make up a total of approximately 26,000 square feet and are currently anchored by Dollar General. Located in Florida’s state capital, government employees represent 36 percent of employment in Leon County. This is a prime opportunity for the property as the Florida government is seeking to attract other employers and expand local business. The property is scheduled to undergo an upgrade to attract new and stable tenants that will transform the property to a vital neighborhood center.
The property was purchased for $600,000 and financed by Centennial Bank.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate Firm that provides distressed advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States.