Laguna Niguel, CA – (February 23, 2015) – Avistone, LLC has acquired the Meridian Gateway Business Center located in St. Petersburg, Florida. The 165,872 square foot multi-tenant light industrial project is located in the premier Gateway / Mid Pinellas industrial submarket easily accessed by to 2 highway bridges with a 15 minute drive to the Tampa Airport. Built in 1984 and 1985, the Project consists of four (4) light industrial buildings, and is considered to be one of the best business park properties in the market. The Project is currently leased to 15 tenants. The company negotiated an acquisition price of well below replacement value, with healthy average cash-on-cash yields and a high IRR and investment multiple over a 5 year holding period.
The Tampa Bay market has the second largest base of manufacturing employment in Florida. This results in excellent availability of a quality workforce in engineering, production, research and management of manufacturing firm. The greater metropolitan area added 21,000 jobs in the last 12 months as Florida’s continued population growth is driving tenant demand. “We are delighted to have entered the greater Tampa Bay market,” said Richard Kent, Avistone’s Managing Principal. “We are actively seeking more acquisitions similar to Meridian Gateway as this market continues to grow and available space becomes scare.”
Avistone is a premier commercial real estate investment firm specializing in the multi-tenant industrial market. The company is currently acquiring and managing quality, stabilized multi-tenant industrial properties in major and secondary markets throughout the U.S. from $10 to $25 million. Investment units in the Meridian Gateway Business Center, priced at $50,000 each, are sold out. If you have interest in Avistone’s future investment offerings, please contact us at InvestorServices@Avistone.com