We are ecstatic to announce the sale of the Florida Press Association building in downtown Tallahassee located on 336 E College Avenue.
College336, LLC (an affiliate of Bayfront Capital Partners, LLC) was the buyer of the property. Bayfront Capital Partners, LLC is a boutique investment company based in Pensacola, Florida who specializes in value-add office and retail investment opportunities.
“With such considerable history and strong urban location, we believe 336 College provides an opportunity for significant value creation,” states Justin Beck, Partner of Bayfront Capital Partners, LLC. “We seek extremely well-located properties in urban environments where we can implement our value-add strategies. Downtown Tallahassee is a great place for this.”
Bayfront took into consideration the location, potential of the property, and what the market really needs to flourish. We were chosen to handle the leasing and property management because of our unique and innovative operation and management platform.
This building has been home to many journalists, famous press conferences, and the Florida Capitol Press Corps that reported on the many happenings at the state capital. As the media industry has evolved, this property has also evolved into an office building serving entrepreneurs in technology, media, advocacy, and hospitality. One of the goals is to create a dynamic place for all of these industries to thrive.
We also plan to move our Tallahassee office into the building because of expansion needs of our own with a growing commercial real estate and property management team. We have been utilizing the young talent of FSU to grow our team of fearless real estate professionals. It also gives us an advantage in managing the asset.
There are several capital improvements planned for the building to bring new life for the tenants and visitors. These include new windows, paint, elevator improvements, bathroom renovations, and technology upgrades. The Tallahassee community can expect to see more affordable office space that it is in definite need of and added value to the building to bring it to its optimal potential.
“What the Tallahassee community can expect to see with this new acquisition is affordable rent in a newly redeveloped and improved quality asset in the Downtown market,” states Stacy Taylor, Partner of Bayfront Capital Partners, LLC.