Meridian Development Group is pleased to announce the sale of North 540 Distribution Center in Raleigh, NC for $16 million.
The 235,404 SF, 13-acre property was acquired by Meridian in November 2013 with 45% vacancy for $8.2 million. The development firm invested $2 million in a redevelopment program and increased occupancy to 100%. The property's tenants include DHL, eCommerce and Ranpak Holdings.
This project was Meridian's second investment in Raleigh. "We love Raleigh," said Meridian managing director Steven Kossoff. "The area has a growing population, diverse economic base, and strong economic development and government programs for growing businesses."
The property was acquired by Raleigh 540, LLC. Chris Norvell, Senior Managing Director with HFF in Raleigh represented Meridian, which is headquartered in Tampa.