Meridian Development Group's managing director Steven Kossoff sees opportunity where others may see a steep uphill climb, and by all accounts this has paid off for the company as it aggressively expands its asset portfolio.
Meridian just announced the acquisition of a second property in four months.
Meridian, in a joint venture partnership with Singerman Real Estate, LLC, acquired a 235,404 industrial property located in Raleigh, North Carolina. An extensive redevelopment program will update building interiors and exteriors, as well as the grounds, transforming the property into North 540 Distribution Center, a Class A industrial property.
"Raleigh is an ideal market with its population growth and strong employment base," said Kossoff. "We are actively seeking to acquire additional assets in Raleigh for redevelopment."
“We have targeted the Raleigh-Durham market as an area where we want to invest across asset classes. We are excited about this investment and to work with Meridian on the redevelopment,” added Kiley Strauss, Vice President of Acquisitions at Singerman Real Estate.
North 540 Distribution Center sits on approximately 13 acres at 3401 Gresham Lake Road in North Raleigh. With approximately 100,000 square feet available for lease, Chris Norvell and Jackson Rives of Cushman & Wakefield | Thalhimer have been engaged to handle the marketing and leasing of North 540.
Meridian previously purchased, redeveloped and eventually sold an industrial warehouse in Raleigh, at 4400 Emperor Boulevard in the Imperial Business Center.
The firm just completed the redevelopment of its 200,000 square foot July 2013 acquisition, Meridian East, located in Tampa.