The Real Deal Miami

Suburban Tampa offices command $14.75 million

Cushman & Wakefield negotiated the sale price, which breaks down to $142 per square foot
January 07, 2017 05:00PM

The Meridian Premier Center in Tampa (Source: JLL)

Cushman & Wakefield negotiated the $14.75 million sale of a three-building suburban office campus in the Carrollwood area of Tampa.

The commercial real estate brokerage also arranged a loan secured by the office property, called Meridian Premier Center, which was 96 percent leased at the time of the sale.

Investor Tom Frederick of Worldwide Investments acquired the office property for $142 per square foot.

The three-building property was developed from 1997 to 2002. It is located on a 12.3-acre site at 3901, 3920 and 3950 Premier North Drive in the Northwest Hillsborough County sub-market of Tampa.

A recent $1 million capital investment in the property included new signage, improved common areas, landscaping upgrades and parking renovations.

Jason Hochman, senior director of Cushman & Wakefield’s finance group, arranged a $10.50 million, 10-year fixed rate loan from Wells Fargo to the new owner of Meridian Premier Center.

The Cushman team of executive managing Director Mike Davis and senior directors Rick Brugge and Michael Lerner represented the sellers, Tampa-based Meridian Development Group and its partner, Blue Vista Capital, in the transaction.