Clearwater, Fla. — Avison Young negotiated the $15,382,000 sale of Meridian Concourse Center, a value-add portfolio comprised of three single-story garden office/service center buildings totaling 150,633 square feet at 4400, 4600, & 4800 104th Ave. North, Clearwater, Florida.
Avison Young Principal Tim Callahan, Vice President Allen Henderson, and Associate Michael Coppola represented the seller, Meridian Development Group, in the disposition to Albany Road Real Estate Partners. Based in Boston, the sale represents Albany Road Estate Partners’ first acquisition in the Tampa Bay area.
“With limited land sites, the high cost of new construction and strong fundamentals, demand for existing office product remains strong for well-located assets,” said Callahan. “Significant population growth in Central Florida, coupled with a relatively low vacancy rate has attracted value add and core buyers to the market who have pushed pricing to new, higher levels.”
The property, which boasts 92% occupancy, has undergone recent renovations to roofs, HVAC systems, exterior painting, and signage totaling approximately $1.3 million.
Centrally located in Pinellas County, the most densely populated county in Florida, and adjacent to the St. Petersburg-Clearwater International Airport, Meridian Concourse Center benefits from frontage on both 49th Street and Roosevelt Boulevard. The property offers convenient access to Ulmerton Road, I-275, the Bayside Bridge, and US Highway 19.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.