Meridian Development Group announced today the acquisition of Crescent Business Center I & II in Riverview.
In a joint venture with Ravinia Capital Group, Meridian acquired Crescent Business Center for $5.1 million. Comprised of two single-story garden office/flex buildings on 10 acres, the 89, 440 square foot (SF) center is 66% vacant.
"This property fits well within our value-add acquisition strategy," said Steven Kossoff, Meridian Development Group's managing director. "The strength of the I-75 corridor submarket in terms of its labor pool, infrastructure, and easy access to other major submarkets is driving demand for quality office and flex space."
Kossoff said the substantial residential growth in the surrounding areas is a key indicator of the need for office and flex space. All three existing tenants at the property are home builders: KB Home, Mattamy Tampa LLC, and Homes by West Bay.
Kossoff plans to rename the property Meridian Crescent Center and complete a 5,400 SF speculative space build-out by October. Meridian awarded the leasing assignment to Jim Moler and Bob Alter, both senior vice presidents with JLL.
Meridian represented itself in this acquisition. The seller, California State Teachers Retirement System, was represented by executive director Mike Davis and senior directors Rick Brugge and Michael Lerner or Cushman & Wakefield.