Upcoming I-4 / Selmon Connector a Deciding Factor
Tampa Bay, FL – July 23, 2013 – Meridian Development Group announced the acquisition of a 200,000 square foot industrial center in Tampa’s Eastside industrial submarket, preceding the scheduled completion of the I-4 / Selmon Expressway connector.
Located on Causeway Boulevard at U.S. Route 41, the property is known as 41 Industrial Center and has not generated much leasing interest in recent years. The center’s interior and exterior have not kept pace with the needs of today’s modern tenant. Meridian, which specializes in the redevelopment of industrial and office properties, recognized the center’s underlying value and its prime position in relation to the upcoming connector.
“From a logistics standpoint, the I-4/Expressway connector offers the southern eastside submarket near the Port of Tampa a tremendous boost in accessibility,” said Steven Kossoff, Managing Director of Meridian Development Group. “This asset fronts the connector, and will have a dedicated exit for truck traffic that will drive right by our project. This creates a sizable advantage for the project in its logistical strength.”
Comprised of three buildings, the center will undergo an extensive redevelopment before Meridian reintroduces the property to the market in September under its new name, Meridian Eastside.
With an approximate vacancy of 66,000 square feet in a market carrying 4,500,000 square feet of available space, Kossoff is ready for the challenge ahead.
“The industrial real estate market remains sluggish. What has made us successful during these times is a commitment to providing built-out, move-in ready space in professionally developed and well-managed properties,” said Kossoff. “Meridian is known for its standard of quality and that philosophy has allowed us to maintain a 90% or higher occupancy throughout our portfolio over what has arguably been the worst real estate market in recent times.”
Meridian’s track record for identifying strategic strengths began with the acquisition of a mammoth 1 million square foot Sarasota warehouse in 2006. Meridian took what was considered at the time a risky gamble and went on to stabilize the project in eighteen months,
“We could see the potential where others saw too much risk,” said Kossoff. “Logistics is key, followed by hands-on management and quality done right.” The 2006 acquisition, now known as meridian Distribution Center, is 96% occupied to top quality tenants.
Tom Bible with VIP Executive Realty represented Meridian in the acquisition. Jeff Lamm with Capo Industrial represented the Seller, 41 Industrial Center Limited Partnership. The purchase price was undisclosed.
* * *
About Meridian Development Group:
Meridian Development Group (MDG) is a commercial real estate investment firm specializing in the acquisition, development and management of functional, high-quality bulk distribution, flex and single-story office properties in major markets throughout the eastern half of the United States.
Established in 2000, MDG currently owns and manages more than 2.4 million square feet of bulk warehouse, flex and office space with an aggregate value of more than $100 million. To learn more about Meridian Development Group, contact us at 727-539-7500. http://meridiandg.com/
# # #