Sarasota, FL – September 2, 2015 – Meridian Development Group announced today the sale of a 53,000 square foot property located at 6220 McIntosh Road.
The two-story building was built by Meridian in 2009 as part of the first phase of development of Meridian Business Center, a 90,000 SF 13-acre business park. The building was a build-to-suit property for national charter school Imagine Schools, which has leased the property since it was built. (imagineschools.org)
Meridian sold the building for $10,200,000 to Charter School Capital, headquartered in Portland, Oregon. (charterschoolcapital.org)
“With the large influx of residents to the Sarasota area, residential development is expanding,” said Meridian managing director Steven Kossoff. “Nearby Palmer Ranch and other residential communities benefit from education options like Imagine Schools offering exceptional tuition-free education so close to where families live and work.”
Kossoff said developing a school at the business park just made sense. “With more than 600 people working in the adjacent Meridian Distribution Center, parents find it convenient to drop off and pick up their children, and visit during the school day.”
Rick Brugge, Senior Director with Cushman & Wakefield, represented both parties in the sale.
Phase two of Meridian Business Center includes 90,000 SF of ready-to-build office and warehouse space.
More About Meridian in Sarasota
Kossoff first became interested in Sarasota nearly a decade ago, when a one million square foot vacant distribution center, the largest in the state, caught his eye. He acquired the property for $30 million, invested another $7 million to redevelop it, and has since fully leased the space. Meridian’s community-conscious approach to development has attracting new businesses to the area, created 600 new jobs, and design plans that are energy efficient and environmentally aware.
Meridian has developed or has planned developments in the Greater Tampa Bay Area totaling almost two million SF, with an estimated total value of more than $100 million. The company was recently ranked among the largest development firms in Tampa Bay by the Tampa Bay Business Journal.
“The Sarasota area used to be overlooked by many companies as a viable distribution hub for their southeastern operations,” said Kossoff. “Investors and tenants alike were looking to Lakeland first. Logistically, however, there are many advantages in this area and companies on a regional, national and international level are recognizing those advantages.”
Meridian, which specializes in the acquisition and redevelopment of distressed office and industrial properties, has plans to expand its roughly 2.2 million SF portfolio with acquisitions from Raleigh down to central Florida.
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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 2.2 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 813-936-7500. http://meridiandg.com/