In a landmark acquisition, Meridian Companies and Hudson Realty Capital LLC have acquired the former Winn Dixie warehouse in Sarasota, Florida. The 948,578 sq. ft. building is the largest sold in the Tampa Bay area in nearly a decade.
The 948,578 sq. ft. former single tenant facility will be redeveloped as a multi-tenant industrial warehouse. The warehouse will accommodate four to six tenants with a minimum size of 100,000 sq. ft.. The facility is situated on 58 acres, which allows for the development of an additional 200,000 sq. ft. of new buildings in the future. President of Meridian Companies, Steven Kossoff, has his eye on the future with this large acquisition. “This is a tremendous opportunity for the major firms in the marketplace since there is an extremely low vacancy rate for space over 200,000 sq. ft. Today’s trend is to locate into large distribution facilities with the capability of growing within the property, which negates the possibility of outgrowing a facility and necessitating relocation.”
The facility features 25 ft. clear height, close proximity to I-75, on-site rail serviced by the CSX railroad and 200,000 sq. ft. of modern refrigerated/freezer space. In addition, there are 111 truck docks serving the facility (one truck dock per 8,500 sq. ft.), double the number of doors for a typical distribution facility of this size. Meridian Companies plans to invest more than $2,500,000 in upgrades for new tenants including cosmetic improvements, painting, new truck doors, landscaping improvements, and mechanical and electrical modifications. New offices for tenants, and other “to suit” improvements will be offered to new tenants.
Steven Kossoff recognizes the vast potential in property value and growth in the Tampa area. “The corridor between Naples and Tampa is one of the fastest growing areas in the state of Florida and the lack of available and properly zoned land made this investment very attractive.” In addition, Mr. Kossoff has high regard for the Sarasota area. He recognizes Sarasota as being an extremely progressive city with a pro business environment. “It has an energy and vitality that you can feel in the business community. The Sarasota Economic Development Corporation and the County Administrator Jim Ley have been very aggressive in not only assisting us with this purchase, but also in retaining and attracting new businesses. This is important for companies like ours who are continually looking for long-term business investments.”