Avison Young Negotiates $15.4M Sale of Tampa Bay Property
- Dec 13, 2019
Avison Young has brokered the $15.4 million sale of a three-building, 150,633-square-foot flex office portfolio in Clearwater, Fla. Principal Tim Callahan, Vice President Allen Henderson and Associate Michael Coppola represented seller Meridian Development Group in the deal. The buyer is Boston-based Albany Road Real Estate Partners, making its first Tampa Bay area purchase.
Developed in the mid-1980s, the value-add buildings sit at 4400, 4600 and 4800 140th Ave. N. within Meridian Concourse Center, a 217,382-square-foot campus formerly known as Sunplex Business Center. The campus consists of approximately 60 percent Class B office space and 40 percent warehouse space.
Meridian recently invested approximately $1.3 million in capital renovations at the property. Upgrades targeted roofs, HVAC systems, exterior painting and signage. The buildings are currently 92 percent leased.
Located near St. Petersburg-Clearwater International Airport, the property is close to the Bayside Bridge and U.S. Highway 19, with easy access to Interstate 275. Downtown Tampa is roughly 16 miles east, while downtown St. Petersburg is approximately 13 miles south.
In October, an Avison Young team assisted the seller in the sale of a two-building office/industrial portfolio in Plantation, Fla. IMC Equity Group purchased the asset for $9.8 million.
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