Tampa, Florida – February 16, 2021 – Meridian Development Group sold Meridian 589 for $35.8 million to Avistone (www.avistone.com). The property is located across from the Tampa International Airport at the intersection of Hillsborough Avenue and the Veterans Expwy.
Meridian 589 is comprised of eleven buildings, totaling 252,730 square feet of office space. With 80% occupancy, the park’s tenants include Empath Health, Womens Care Enterprises and DDS.
In 2017, Meridian acquired the 11 buildings for $18.5 million and invested $800,000 in a redevelopment program that included interior and exterior improvements, the addition of a café, and conference & amenity center.
Meridian will continue to seek opportunities to expand its portfolio in the southeast. “We will look to quickly deploy the returned capital into new projects,” said Steven Kossoff, Meridian’s managing director.
Rick Brugge and Mike Davis with Cushman & Wakefield represented Meridian in the sale. Avistone represented itself in the transaction.
* * *
About Meridian Development Group:
Meridian Development Group (Meridian) 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, Meridian currently owns and manages more than 3 million square feet of bulk warehouse, flex and office space with an aggregate value of more than $200 million. To learn more about Meridian Development Group, contact us at 813-936-7500. http://meridiandg.com/