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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.
“Raleigh is an ideal market with its population growth and strong employment base,” Meridian Development Group's Managing Director Steven Kossoff says in a press release. “We are actively seeking to acquire additional assets in Raleigh for redevelopment.”
Meridian previously purchased, redeveloped and eventually sold off an industrial warehouse in Raleigh, at 4400 Emperor Blvd. in the Imperial Business Center.
The firm just completed the redevelopment of the 200,000-square-foot Meridian East in Tampa.
Started in 2000, Meridian Development Group currently owns and manages more than 2.6 million square feet of bulk warehouse, flex and office space with an aggregate value of more than $110 million.
Singerman Real Estate is a real estate investment firm that invests in both debt and commercial and large-scale residential real estate. Created in 2010, the company has already handled more than $700 million in investments.
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