C&W Negotiates Sale and Financing of Tampa Office Campus
- Jan 09, 2017
Tampa, Fla.—Cushman & Wakefield has negotiated the sale and financing of Meridian Premier Center, a 103,521-square-foot office campus located in the Northwest Tampa submarket. The asset traded for $14.8 million, or $143 per square foot.
The Capital Markets team of Executive Managing Director Mike Davis and Senior Directors Rick Brugge and Michael Lerner represented the seller, Tampa-based Meridian Development Group and its partner, Blue Vista Capital, in the transaction. Investor Tom Frederick of Worldwide Investments was the buyer. Cushman & Wakefield procured a $10.5 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.
Built in three phases between 1997 and 2002, Meridian Premier Center is a three-building office campus situated on a 12.3-acre site at 3901, 3920 and 3950 Premier North Drive. The one-story, steel-frame buildings feature glass storefronts, floor plates ranging from 20,162 to 49,315 square feet with above-standard ceiling height and a total of 621 parking spaces, according to Yardi Matrix. A recent $1 million capital upgrade program included new signage, updated common areas, landscaping upgrades and parking renovations. At the time of the sale, the campus was 96 percent leased.
The location provides convenient access to Dale Mabry Highway, Busch Boulevard, Linebaugh Avenue, Interstate 275 and to the Veterans Expressway. Meridian Premier Center is also in close proximity to Carrollwood, Westchase, Cheval and Avila, as well as to 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.”
Photo via Yardi Matrix