Insolvent Insurance Company Office Bldg

Office for Sale
Catylist Listing ID: 30826471
Property Subtypes: High-Tech, Medical, Office Building
Building Size (RSF): 52,000 SF
Gross Building Area: 55,000 SF
Gross Land Area: 4.69 SF
Sale Price: $5,950,000
Unit Price: $114.42 PSF
Ceiling: 15 ft.
Property Use Type: Investment, Vacant/Owner-User
Building Name: 2750 Chancellorsville Drive
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/3/2023

Overview / Comments

The three story 52,000 square foot Class “A” office building was built in 2006 as a corporate headquarters office for a national title insurance company. The 4.69-acre parcel has 247 parking spaces – 1/222 SF. The ground floor is approximately 15,500 sf, floor 2 is 17,561 sf, and floor 3 is 18,126 sf. The property is located in the affluent northeast section of Tallahassee – the state Capitol of Florida. Some of the custom features of the building include: an abundance of glass for natural lighting, first floor tiered classroom training and teleconferencing room, first floor kitchen, and executive offices of varying sizes throughout the building. Heating and cooling is by a water-cooled chiller for maximum efficiency and comfort. The building has one elevator and is fire sprinkled. Florida is known as a “tax free state” because Florida does not have a state income tax and therefore in-state or out-of-state owners do not have to pay income taxes to the state on rental income generated by the building.

Attachments & Media

Additional Details

Nearest MSA: Tallahassee
County: Leon
Tax ID/APN: 142828 A0020
Property Located Between: Thomasville Road & Chancellorsville Drive
Property Visibility: Excellent
Highway Access: Thomasville Road, west on Chancellorsville Drive
Airports: Tallahassee International Airport
Site Description: The parcel is located in the master planned Bull Run Development, along the Thomasville Road corridor (45k average daily traffic), and is surrounded by the most affluent household income demographics in the city - average household incomes of $118,375 within 3 miles and $114,843 within 5 miles. The site has excellent accessibility via Chancellorsville to Thomasville Road which features full turning access via deceleration lanes and a curb cut from Thomasville Road on to Chancellorsville Drive.
Area Description: The property is located close to some of Tallahassee’s most affluent residential communities. Golden Eagle is located one mile to the north and features the most prestigious golf community in the area with an 18 hole Tom Fazio designed golf course. Rose Hill, Northamptons, Lake McBride and Bull Run are other highly desirable residential communities in the area. The Bradfordville Retail market node just to the north features Super Target, Publix, Walgreens, Hangar 38, Cookie Crumbl and upscale restaurants Blue Halo, Mom & Dads Italian, Dao, and ZBardhis. Super Wal-Mart, CVS and ABC Fines Wines are to the south. Tallahassee is the Capitol City of the State of Florida and is the only incorporated city in Leon County. As the Capitol of Florida and home to Florida State University (41,000 students), Florida A&M University (12,000 students), Tallahassee has maintained a stable economy due to its government dominated employment base. Leon County is located 20 miles north of the Gulf of Mexico and is bounded by the State of Georgia on the north. Tallahassee is known as the “other Florida” because of the rolling landscape and clay based soils, with some elevations exceeding 200 feet. The population of the Tallahassee MSA has 388,973 people and includes Leon County as well as all of surrounding counties that share the county or state line. Florida is known as a “tax free state” because Florida does not have a state income tax and therefore in-state or out-of-state owners do not have to pay income taxes to the state on rental income generated by the building.
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 17,000 SF
Year Built: 2007
Roof Type: Flat
Construction/Siding: Stucco
Parking Type: Surface
Parking Description: 247 surface parking spaces, 4.55 spaces per 1.000sf ratio
Total Parking Spaces: 247
Passenger Elevators: 1
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Other
Internet Access: Cable
Interior Description: Second and Third Floor are a combination of executive offices and cubicles. First Floor has a full kitchen and cafeteria area as well as a tiered classroom training center as well as offices and cubicles.
Zoning Description: PUD - Office/Commercial
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,494 29,915 60,882
Median Age: 40.38 43.01 42.07
Households: 1,978 11,317 24,245


Photograph of Listing Agent

Francis P. Rentz, CCIM

SVN | SouthLand Commercial Member
Photograph of Listing Agent

Carlton Dean, SIOR, CCIM

SVN | SouthLand Commercial Member
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