Meridian Development Group announced the $11,500,000 sale of Meridian Gateway Center in St. Petersburg. The industrial office/warehouse project is comprised of four buildings totaling 165,000 SF.
Meridian acquired the property in 2006 for $9 million at 30% occupancy. The firm invested $700,000 in a capital improvements program and was able to successfully maintain an occupancy of at least 87%.
Meridian's strategy is to acquire underperforming assets, redevelop them, and sell them within five years. Steven Kossoff, Meridian Development Group managing director said the firm held on to Meridian Gateway Center during the downturn and waited for the right time to sell the property.”
Meridian has acquired three new assets in the past 18 months and is actively seeking to expand its portfolio of industrial, flex and low-rise office property along the East Coast from Raleigh, NC through Central Florida.
Avistone Development, based in Laguna Niguel, CA, represented itself in the transaction. Rick Brugge of Cushman & Wakefield represented Meridian Development Group.