Meridian Development Group announced today an active first quarter of 2016 with one million square feet (SF) in lease and sales transactions.
Meridian’s transactions include 660,000 SF in leasing activity at Meridian Distribution Center (MDC) in Sarasota, and a 66,000 SF lease renewal at Meridian Premier Center in Carrollwood.
United Natural Foods, Inc. (UNFI) moved into 400,000 SF in the distribution center in 2007 and brought 250 new jobs to the area. The Fortune 500 company is now extending its lease and expanding into 460,000 total SF.
Beall’s Inc., also a tenant since 2007, just extended its 200,000 SF lease of warehouse space. Beall’s Inc. is the parent company of Beall’s Department Stores, Inc., Beall’s Outlet Stores, Inc., and Burke’s Outlet Stores, Inc.
Meridian sold two assets during Q1. North 540 Distribution Center in Raleigh, NC, a 235,000 SF, 13-acre industrial property, sold for $16 million. 6220 McIntosh Road in Sarasota, FL is a 53,000 SF build-to-suit for a charter school. The asset was built in 2009 and just sold for $10.2 million.
“This level of activity is proof of the overall strength and stability of the real estate market,” said Meridian managing director Steven Kossoff. “The stronger economy is a key factor in the willingness of companies to make longer real estate commitments than the market supported a few years ago.”
“We will be acquiring more assets from Raleigh to south Florida that fit within our business model and continue to grow Meridian’s portfolio.” said Kossoff who plans to acquire three million SF of additional assets in the next three to five years.