Meridian Development Group, in joint venture partnership with Eightfold Real Estate Capital acquired Beaumont Business Center, an 11 building, 252,235 square foot office park for $18.5 million with plans to rebrand and revive the property through a sizable redevelopment program and property management changes.
The center has struggled to fill its buildings over the past decade, with occupancy rates hovering between 40% and 50% for the past few years. Its new owner, Meridian Development Group, believes its plans for the property will attract new tenants and fill its empty space.
"The property has good bones and is very well located, but several major building improvements are needed and will be addressed immediately." said Steven Kossoff, Meridian's managing director. Those include new HVAC systems and new roofing for nine buildings. Additional upgrades include new landscaping, and new monument and building signage. Meridian will invest $7 million in the overall improvement program.
Meridian says its focus is not just on the center's immediate property improvement needs, but on tenant convenience, as well. The business park will feature a newly built-out 2,500 square foot amenity center with a 30-person conference room and telecommunications systems available for tenant use.
Meridian's sister company, Meridian Management Group, will manage the property and work to communicate with tenants about changes in the park, as well as coordinate tenant reservations for the new amenity center.
Beaumont Business Center No More
The property is being renamed Meridian 589, a nod to the Veterans Expressway, which runs adjacent to the park. Sitting on 20 acres at the northwest intersection of Hillsborough Avenue and the Veterans Expressway, the 11 single-story buildings total 252,235 square feet of suburban office space.
The seller, Lonestar, was represented by Dale Peterson in the transaction. JLL's Jim Moler and Deana Beer have been named exclusive leasing agents for Meridian 589.