CLEARWATER — A Boston-based company has paid $15.4 million for the Meridian Concourse Center at 4400, 4600 and 4800 140th Avenue. Although the property has undergone approximately $1.3 million in recent renovations to roofs, HVAC systems, exterior painting and signage, it was marketed as a "value add'' property with room for further improvements that could enable the buyer, Albany Road Real Estate Partners, to raise rents.
"With limited land sites, the high cost of new construction and strong fundamentals, demand for existing office product remains strong for well-located assets,” said Tim Callahan of Avison Young, which represented the seller, Meridian Development Group. “Significant population growth in Central Florida, coupled with a relatively low vacancy rate has attracted value add and core buyers to the market who have pushed pricing to new, higher levels.” The center is 92 percent occupied.
NOTE: Based on incorrect information, an earlier version of this story had a different address.