Meridian Development, Blue Vista buy, redeveloping Premier Corporate Center

BUYER: Meridian North LLC (BV/Meridian North LLC), Chicago
SELLER: AGI Acquisition II LLC
PROPERTY: 3816, 3901, 3902 and 3950 Premier North Drive, Tampa
PRICE: $8.2 million
PREVIOUS PRICE: $8.51 million, October 2012
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Tampa

PLANS, DESCRIPTION:
A joint venture of Tampa-based Meridian Development Group and Chicago's Blue Vista Capital Management purchased the 145,957-square-foot Premier Corporate Center for $8.2 million.

The price equated to $56 per square foot. That figure is lower than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

The 12-acre property in Carrollwood features four office buildings with frontage on both Gunn Highway and Linebaugh Avenue.

The new ownership plans to demolish an aging four-story 42,436-square-foot office building to create additional parking for the remaining three buildings. Meridian managing director Steven Kossoff says businesses are filling less space with more employees, adding to the need for additional parking. The joint venture also plans to update the suite interiors and common areas, add new signage, resurface the parking and improve the landscaping.

The property will be renamed Meridian Premier Center. The three buildings, which the new owner plans to keep, are all single story and were 74% leased at the time of the sale.

Lou Varsames, Paul Carr, Rick Colon, and David Harris of Cassidy Turley represented the seller. James Moler and Paula Buffa of Cushman & Wakefield have been named the new leasing agents for the center and Meridian Management Group, a division of Meridian Development Group, will manage the property.

The purchase entity, Meridian North LLC, mortgaged the property to BankUnited NA for $6.54 million.