Posted OnOct 20, 2017
“Every quarter commercial Realtor Brenda Francis compiles a newsletter on the latest scoops in local real estate. It includes what companies are coming to town and who is moving into what commercial spaces. Here is the October edition.
Little Paris Café, a new French restaurant, is opening in January in the space that will be vacated by Northside Pies on Market Street when they relocate to a new location.
Rummy’s Pizza in Bull Run is closing. A recorded message notes the business will be taken over by Dave’s Pizza Garage.
Southern Velvet Café will be opening at 505 W. Georgia Street in Frenchtown. They will serve pastries, cupcakes, teas and coffees, breakfast and lunch.
Strong & Jones Funeral Home on Brevard was purchased by Landmark Developers out of Athens. The developers purchased the entire block on Brevard that Strong & Jones was in. Strong & Jones then purchased the IFS Business Interiors Building on Brevard and IFS purchased the building at 318 N Monroe Street & Virginia Street that was originally the Greyhound Bus Station.
Lululemon has opened in the Whole Foods Center. They offer upscale exercise gear for men and women.
Lucy & Leo’s Cupcakes is closing at the end of this year but will be taking custom orders through next summer. They were in what is now the Midtown Reader space. When that property was sold in May 2016, they moved to the corner of Thomasville Road and Third Avenue in a brick house long ago converted to retail suites. That building sold to Adam Bardhi in June 2017. The deciding factor to close was having another new landlord and rent increases and they don’t want to move again, the Tallahassee Democrat previously reported.
New Leaf Market closed Sept. 17 in Bannerman Crossing. It occupied 15,000 square feet and opened in March 2016 but there is already an offer on the table to lease the space so watch for an announcement.
Mom & Dad’s will be opening a Bannerman Crossing location in Bradfordville. The plan is to be open in time for Christmas parties.
Millennium Day Spa relocated in September from Northhampton to Bannerman Crossing. Grand opening was in late September.
Mathnasium, a math tutoring shop by Lisa Luciani is opening in Bannerman Crossing the end of October. They teach children in grades 2-12 to “understand math” in “a way that makes sense to them.”
The movie theater is still close to contract but not signed yet. Negotiations are underway to keep Market Square Liquors, Southern Seafood, Tropical Smoothie, Ala Provence and Au Péché Mignon French Pastry Shop. Gordo’s will be leaving and opening next to Chico’s and Don’s Shoe Repair. The theater would go in at the rear of the property, which will result in some of the back buildings being totally or partially demolished. That means some of the current tenants relocating within the square.
Body Trac Health & Fitness is opening soon near Dreamland BBQ.
Lemongrass, a Vietnamese-Fusion Restaurant is open and word is that it’s doing well!
Community Leadership Academy was founded in 2009 by Peter and Kensy Boulware as a school with strong Christian values and a focus on the heart of the children. CLA occupies one of the two buildings in Evening Rose previously occupied by Imagine Charter School.
Tree of Life Messianic Synagogue occupies the other previous Imagine School building. Both of these schools are open and operating this school year.
Evening Rose Properties: Jennings Knox is building a spec retail building on the front of the commercial center, 5,000-square-feet and 1,500-square-feet. Sizes may vary from this writing.
DL Cabinets is opening a showroom next door to As You Wish in Glendale Square. They have production facilities in New Orleans, Boston and Jacksonville. They offer “cabinetry that is both visually stunning, yet cost-effective.”
McAlister’s is moving into Carriage Gate next to TJ Maxx. Space is under construction and no opening date has been set.
Famous Footwear is closing on Oct. 22. A close-out sale is on-going.
Carter’s is opening a children’s clothing shop next door to Famous Footwear, where Justice Girls’ Clothing was previously located.
Tijuana Flats and Blaze Pizza will be opening in the newly constructed retail building in place of the demolished Applebee’s on Thomasville Road. The building is in its final stages of construction and the spaces will be turned over to the tenants for buildout very soon.
Nordstrom’s is trying a new concept of offering shops with no clothes. It will be called NORDSTROM LOCAL. It will offer free personal stylists who will deliver clothes from other stores and curbside pickup. It also will offer alterations, manicures, food, wine and espressos.
Macy’s is closing 100 of 600 stores. Unless things have changed recently, no Florida stores are on the list. Elizabeth Arden pulled out of the Tallahassee Macy’s store a few months ago.
Gap is closing 200 or more of Gap and Banana Republic stores, but it’s unknown which stores will be closing.
JC Penney and Sears are still struggling. Leasing part of their store spaces for uses such as appliances, etc.
Aerosoles filed Chapter 11 bankruptcy on Sep. 15. It will close most of its stores and focus on its wholesale, e-commerce and international businesses. There is no Aerosoles in Tallahassee and the effects on merchandise remain to be seen.
Toys R Us filed bankruptcy and plans to improve its stores by creating interactive play space for children to test toys.
Brenda Francis, CCIM, is with Structure Commercial Real Estate in Tallahassee. Information for this report is obtained from sources deemed reliable, however, it is not a complete list and project plans may have changed before publication. If you want to sign up for her newsletter or know of a new business that should be spotlighted, email her at email@example.com
According to Greg Lane with Timberlane Appraisal, “there is no detached new construction available for sale right now under $255k in northeast Leon County. The median price is $170/square foot, that is for a 1,300- to 1,800-square-foot home with a two car garage on less than a quarter of an acre.
Over the past 12 months, the local MLS has reported 1,995 detached home sales in Leon County. Using the same criteria, there are 357 homes for sale that are not under a pending or contingency contract (meaning active but not under contract).
1995 / 12 = 166 sales per month under $250k
357 / 166 = 2.1 month supply.
A six months’ supply is considered ‘in balance.’ In my 25 years in the business, I have never seen inventory this low, especially going into the fall and winter season.”