New I-4 connector helps sell industrial center

TAMPA — Meridian Development Group bought a 200,000-square-foot industrial center on 11 acres near the Port of Tampa and the Lee Roy Selmon Expressway.

Meridian sees the value-add opportunity of the three older buildings, called the 41 Industrial Center, especially given the upcoming completion of the Interstate 4-Selmon Expressway connector.

Meridian, which specializes in the redevelopment of industrial and office properties, recognized the center's underlying value and its prime position in relation to the upcoming connector, says a new release.

“From a logistics standpoint, the I-4/Expressway connector offers the southern Eastside submarket near the Port of Tampa a tremendous boost in accessibility,” Steven Kossoff, managing director of Meridian, says in a news release.

“This asset fronts the connector, and will have a dedicated exit for truck traffic that will drive right by our project,” he says. “This creates a sizable advantage for the project in its logistical strength.”

The center, with 66,000 vacant square feet, will undergo an extensive redevelopment before Meridian reintroduces the property to the market in September under its new name, Meridian Eastside.

“The industrial real estate market remains sluggish. What has made us successful during these times is a commitment to providing built-out, move-in ready space in professionally developed and well-managed properties," Kossoff says.

Meridian has been successful in what some view as risky opportunities. The company acquired a 1 million-square-foot Sarasota warehouse in 2006 and stabilized it within 18 months. Now called Meridian Distribution Center, the warehouse has a 96% occupancy rate.

“We could see the potential where others saw too much risk," Kossoff says. “Logistics is key, followed by hands-on management and quality done right.”

The sale price of the Tampa building, listed for sale for $5.8 million, wasn't disclosed in the release. Tom Bible with VIP Executive Realty represented Meridian in the acquisition. Broker Jeff Lamm of Capo Industrial represented the seller, 41 Industrial Center Limited Partnership.