Meridian Development Group sold Meridian East, a three-building 200,000 square foot industrial center to Boston-based High Street Realty Company for $8.25 million.
Meridian acquired the 11 acre property four years ago for $5 million when the Eastside submarket carried 4.5 million square feet of available space and the property itself was 33% vacant.
Meridian’s managing director Steven Kossoff believed the completion of the I-4/Expressway connector, completed a few months after the acquisition, would attract tenants with the new ease of access. An additional $600,000 was invested to improve the appearance of the property exteriors, the construction of additional parking and renovating the vacant interiors to offer more contemporary amenities.
Meridian filled the center’s last remaining vacancy this past summer when Bailey Industries, a kitchen cabinet distributor, leased 45,000 square feet.
The buy and seller represented themselves in the transaction.
Meridian acquired Beaumont Business Center last quarter for $18.5 million and invested another $2 million in renovations. The 252,000 square foot single-story office complex was renamed Meridian 589. Meridian continues to seek opportunities to expand its portfolio from Raleigh, NC to central Florida.