Meridian buys Raleigh, N.C., industrial center

CLEARWATER — Meridian Development Group of Clearwater has completed the purchase of a second property in four months.

Meridian, in a joint venture partnership with Singerman Real Estate LLC, acquired a 235,404-square-foot industrial property located in Raleigh, N.C., for $9 million. The new ownership plans to extensively redevelop the property. The industrial development is also being renamed North 540 Distribution Center.

North 540 Distribution Center sits on 13 acres at 3401 Gresham Lake Road, North Raleigh. With 100,000 square feet available for lease, Chris Norvell and Jackson Rives of Cushman & Wakefield | Thalhimer have been hired to handle the marketing and leasing of North 540.