Tallahassee, FL – Edgecap Partners II LLC, an affiliate of Edgewater Group LLC (“Edgewater”), is pleased to announce the acquisition of Cedars Executive Office Park in Tallahassee, FL, by North Monroe Properties LLC, a subsidiary of Edgewater Valley Forge Fund II LP. Cedars is approximately 129,000 square feet of office space positioned in the path of growth and activity in Tallahassee. Cedars is located off of Hwy 27/N. Monroe Street, conveniently situated near Interstate 10 and the newly renovated Tallahassee Mall. It’s four buildings are comprised of 150 square foot executive office suites and single tenant buildings up to 40,000 square feet. The property is expected to undergo major renovations in order to attract premier tenant companies seeking desirable and conveniently located office space.
The property was purchased for $7.5 million. Financing was provided by HomeBanc, located in Tampa, FL. Debt placement was arranged by Alison Williams, Vice President of Walker & Dunlop. Structure Commercial Real Estate & Property Management has been selected to handle leasing and tenant management.
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.