Meridian Development Group announced today a new 60,000 SF lease with Ranpak Corporation at North 540 Distribution Center in Raleigh, filling more than half of the available space at the property in less than seven months.
Meridian Development Group acquired the property in November 2013 for $9 million and invested another $2 million in an aggressive redevelopment program.
The 235,000 SF warehouse was acquired at 66% occupancy. This new lease drops North 540's vacancy rate to 19%, leaving 40,000 SF available for lease.
Jackson Rives and Chris Norvell of Cushman & Wakefield/Thalhimer represent Meridian Development Group as the leasing team for North 540. Ryan Gaylord of Tri Properties represented the tenant.