Avistone Acquires Meridian Gateway Center in St. Petersburg, FL

By David Sheets | Mar 23, 2015 News
Meridian Gateway Center

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 [email protected]

*Important Disclosures:

This communication is intended solely for accredited investors as such is defined in the Securities Act, and is not intended as an offer to sell, or the solicitation of an offer to buy any securities or ownership interests. The opinions and forecasts expressed herein are solely those of Avistone, LLC, as of February 24, 2023, and subject to change. Actual results, future events, predictions, circumstances and events will vary and be different from those set forth herein, and there are no guarantees that any positive or successful results, express or implied, by investors will be realized. Avistone specifically disclaims any right or obligation to provide investor returns at forecasted levels. Avistone’s track record from 2013 to December 2022; no guarantee of future results. The performance information of Avistone’s prior projects has not been audited by any third-party. The track record metrics reflect the weighted average performance of all our clients, and not every investor experienced exactly these same returns. Any and all evaluations for investment purposes must be considered in conjunction with a final Private Placement Memorandum (the “PPM”); all prospective investors are strongly encouraged to read all “risk factors” in the PPM. Further, some of the initial information provided above contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties, and investors should not rely on them as predictions of future events. Investments in private securities contain a high degree of risk and often have long hold periods. They are illiquid and may result in the loss of principle. Avistone’s strategy may not occur due to numerous external influences.