Westover Industrial Partners is pleased to present Woodlane Circle Business Park, a 48,500 square foot small-bay industrial park situated on 4.70 acres in northwest Tallahassee. Six buildings house seventeen units ranging from 1,500 to 6,000 square feet, occupied by a diversified roster of thirteen trade, service, and light-manufacturing tenants.
The park is 80.4% leased and generates $376,657 of annual base rent. Rents across the occupied roster sit close to market, so going-in income requires little repair, and substantially all in-place leases carry 3% annual escalations that compound without re-leasing or capital.
The near-term opportunity is straightforward. Two units totaling 9,500 square feet recently turned over and are on the market today, both renovated and available for immediate occupancy. They enter a submarket operating at 1.90% vacancy, where seven leases have been signed on site since early 2025 across the full range of unit sizes.
Beyond lease-up, two legacy leases covering 9,600 square feet sit meaningfully below market and expire in 2027 and 2029. Marking them to market at expiration adds a second layer of growth. Leasing the vacancy and allowing the remaining leases to roll carries the asset to a 9.04% stabilized yield on cost without repositioning capital or a change in use.