Meridian Premier Center
Mike Davis, Rick Brugge and Michael Lerner Represented Meridian Development Group in the $14.75 Million Disposition of Meridian Premier Center; Jason Hochman Facilitated $10.50 Million in Acquisition Financing for Buyer Tom Frederick
Cushman & Wakefield announced today that it has negotiated the sale and financing of Meridian Premier Center, a three-building suburban office campus in the Carrollwood area of Tampa.
The Capital Markets team of Executive Managing Director Mike Davis, Senior Director Rick Brugge and Senior Director Michael Lerner represented Tampa-based Meridian Development Group and its partner, Blue Vista Capital, in the transaction. Investor Tom Frederick of Worldwide Investments acquired the asset for $14.75 million ($142 per square foot).
Cushman and Wakefield procured a $10.50 million, 10-year fixed rate loan with flexible terms for the buyer from Wells Fargo. The loan was sourced by Senior Director Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance group.
Meridian Premier Center is a three-building office campus developed between 1997 and 2002. The one-story, steel-frame buildings feature glass storefonts and an above-market parking ratio on a beautifully landscaped campus. A recent $1 million capital upgrade program at the campus included new signage, updated common areas, landscaping upgrades and parking renovations. The campus was 96 percent leased at the time of sale.
The buildings are situated on a 12.3-acre site at 3901, 3920 and 3950 Premier North Drive in the Northwest Hillsborough submarket. This location provides exceptional access to Dale Mabry Highway, Busch Boulevard, Linebaugh Avenue, Interstate 275 and the Veterans Expressway. The campus is surrounded by the exclusive upscale Tampa Bay neighborhoods of Carrollwood, Westchase, Cheval and Avila and an abundance of national retailers and amenities.
“The quality of the buildings, their location, high parking ratio and national tenancy will continue to enable Meridian Premier Center to attract users seeking high-quality, well-located and moderately priced suburban office space, said Brugge. “Further, the sale price is representative of the solid fundamentals in the Tampa office market and investor confidence in Tampa’s continued population and job growth.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com
