TALLAHASSEE, FL-A Florida-based investor has acquired a six-building, 160,000-sf industrial portfolio occupied by various entities of the State of Florida. While those involved in the deal would not comment on the price, sources in the area put the range from $10 million to $15 million. The property is 100% occupied.

Calkain Institutional Advisors, the institutional brokerage division of Reston, VA-based Calkain Cos., handled the marketing and sale of the transaction. President Jonathan Hipp, managing director Joel Kahn and associate Brett Pagani represented the seller, Gainesville-based Capital Circle Commerce Park LLC.

Hipp tells GlobeSt.com that the portfolio was being sold to close out an estate. The six buildings are located on 60 acres with land available for the future construction of new space."Calkain was able to find a buyer looking for a considerable amount of future value while capturing the asset's current income stream," says Kahn, in a prepared statement.

Hipp adds that the buyer acquired the property due to the strength of the tenant and the potential for future development. "Tallahassee is a steady growth market," he says. The buyer plans to build more space, but will secure a tenant prior to pursuing the development. "[The buyer] does not want to build speculatively."