Miami investors buy suburban Tampa flex properties
By Ashley Gurbal Kritzer – Senior Reporter, Tampa Bay Business Journal
Aug 15, 2018, 2:49pm
A Tampa-based real estate investment firm has sold off a suburban flex property after dramatically increasing its occupancy.
Meridian Development Group sold Crescent Business Center I and II — which total 90,000 square feet — to Orange State Partners of Miami for $12.2 million. Flex properties are suitable for both office and light industrial users.
Rick Brugge, executive director with Cushman & Wakefield, represented Meridian in the transaction.
The Crescent Business Center is located in Riverview, at the interchange of Interstate 75 and U.S. Highway 301.
The property was 30 percent occupied in 2016, when Meridian purchased it in a joint venture with Ravinia Capital Group for $5.1 million. Its occupancy rate is now 92 percent, and tenants include KCI Technologies and Power Home Remodeling.
“The Brandon-Riverview area continues to boom,” Steven Kossoff, managing director of Meridian Development Group, said in a statement. “Strong development in the residential, office, retail and industrial sectors will continue to push robust growth in this region.”