Meridian Development Group sold Crescent Business Center I and II for $12.2 million to Miami-based Orange State Partners.
Meridian acquired the two-building 90,000 square foot asset in 2016 for $5.1 million in a joint venture with Ravinia Capital Group. The property was purchased at 30% occupancy. Since 2016, the asset’s occupancy has increased to 92% with tenants like KCI Technologies and Power Home Remodeling.
The firm credits in part its active leasing team of James Moler and Deana Beer with JLL and its sister company, Meridian Management Group, which manages the property, for attracting and keeping tenants at the property. The center is located in the Brandon-Riverview area of Tampa Bay, in the eastside submarket.
“The Brandon-Riverview area continues to boom,” said Steven Kossoff, managing director of Meridian Development Group. “Strong development in the residential, office, retail and industrial sectors will continue to push robust growth in this region.”
Rick Brugge, executive director with Cushman & Wakefield, represented Meridian in the sale. Brandon Lurie, president of Orange State Partners, represented his company in the transaction.