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Meridian Development Group Continues to Hedge Bets on Suburban Tampa with Carrollwood Office Park Buy

Meridian Development Group Meridian Development Group has picked up another suburban asset in the Tampa Bay area.

Meridian said Tuesday that it has paid $16.5 million for Buschwood One and Two, three-story office buildings in the Carrollwood area that total 171,166 square feet. Meridian plans to invest $1 million in improvements to the properties, including a 2,000-square-foot tenant amenity center and café along with upgrades to the indoor and outdoor common areas.

In March, Meridian acquired a suburban office park at the intersection of Hillsborough Avenue and the Veterans Expressway. Its total portfolio of office and industrial properties is worth more than $200 million.

The improvements planned at Buschwood will mirror the improvements Meridian has made at the Hillsborough and Veterans park.

The property is 82 percent leased, Meridian said. JLL's Jim Moler and Dana Beer are the exclusive listing agents.

Rick Brugge and Mike Davis of Cushman & Wakefield represented the seller, Buschwood One & Buschwood Two LLC, in the transaction.

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