The property is largely leased by state agencies. Tallahassee is the state capital.Acadia sold the asset to concentrate its investment portfolio entirely on retail product.

In a prepared statement, Acadia president Kenneth F. Bernstein said the property was sold "at the high range of our internal valuations and will have a positive impact on our net asset value."

While the sale will slightly dilute current funds from operations, it will also eliminate $22 million of above-market rate debt of 9%, Bernstein says. Acadia is structured as an UPREIT, specializing in the operation, management, leasing, renovation and acquistion of shopping centers and multi-family properties.