Meridian Snags $17M Tampa Office Park

The new owner will invest $1 million in outdoor upgrades and indoor common-area renovations and plans to build a 2,000-square-foot shared amenity center and café.
Buschwood Park One and Two
Buschwood Park One and Two

Meridian Development has acquired the $16.5 million Buschwood Park One and Two, a 171,166-square-foot office park in Tampa, Fla. The campus features two three-story buildings located at 3550 Buschwood Park Drive.

According to public records, the real estate investment company assumed a $13.5 million active CMBS loan. Meridian will invest $1 million in outdoor and indoor common area upgrades and plans to build a 2,000-square-foot tenant amenity center and café. Tenants will enjoy access to private conference rooms, a collaborative community space and outdoor seating similar to the amenity center at Meridian 589, one of the firm’s recent acquisitions in Tampa, Fla.

In-house property management

Meridian’s subsidiary company, Meridian Management Group, will manage the property and oversee the renovation process. The new owner named JLL Senior Vice Presidents Jim Moler and Deana Beer the exclusive leasing agents of Buschwood Park One and Two. The buildings were 82 percent leased at the time of the sale. The most recent tenant to join Buschwood Two is Pilgrim Quality Solutions, an IQVIA Company, which signed an 18,000-square-foot lease prior to the sale.

Executive Director Rick Brugge and Executive Managing Director Mike Davis of Cushman and Wakefield worked on behalf of seller Buschwood One & Buschwood Two LLC, while Meridian represented itself in the transaction. The office park sits on a 14.7-acre site in the Carrollwood submarket, at the intersection of Busch Boulevard and Himes Avenue.

Image courtesy of Yardi Matrix