Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of Meridian 589, an 11-building office park located in Tampa, Florida. The final sale price was $35.8 million.
Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi and Zachary Eicholtz of Cushman & Wakefield represented the seller, Meridian Development Group, in the transaction. Cushman & Wakefield’s Jason Hochman and Mike Ciadella served as the exclusive advisor to the buyer, Avistone, in the procurement of $30.1 million in acquisition financing. Avistone is a Lone Tree, Colorado-based commercial real estate investment firm.
“Meridian 589 is one of only two single-story garden office properties of this size located within the Westshore submarket,” Brugge said. “During the pandemic we have seen an increase in investor and tenant demand for this product type as it provides tenants a higher degree of control over their work environment and air quality.”
Located at 5402-5460 Beaumont Center Boulevard, the buildings total 251,730 square feet and provide easy access to Tampa International Airport and major thoroughfares such as the Veterans Expressway, Interstate 275 and Hillsborough Avenue. Nearly $2 million of capital has been infused into Meridian 589 over the past several years, adding amenities including two conference centers, a collaborative community center, outdoor seating and a new deli.