Meridian Development Group sold Meridian Premier Center to a local investor for $14.75 million. The transaction follows the firm's $51 million sale of Meridian Distribution Center earlier this month.
Meridian Premier Center is a 103,521 square foot, 12-acre office park in Carrollwood. The property was acquired in August 2014 for $8.2 million and underwent a $1 million dollar redevelopment program, including the demolition of an iconic cube-shaped low-rise office building in the middle of the property.
"The cube was aging and sitting on valuable land," said Meridian managing director Steven Kossoff. "We knew that limited parking was a challenge not only for this property, but in the wider Carrollwood office market. Savvy businesses are filling less space with more employees, making the need for adequate parking greater than ever."
Meridian tore down the 42,000 square foot building to make way for more parking, offering tenants a robust 6.1/1,000 sq. ft. parking ratio.
Following the redevelopment, Meridian Premier Center was comprised of three one-story office buildings totaling 103,521 square feet. Meridian increased occupancy in the park from 50% to 97% in less than 18 months, while its sister company, Meridian Management Group, managed the asset.
Mike Davis and Rick Brugge of Cushman & Wakefield represented Meridian in the sale. The buyer is 3901 Premier Drive LLC.