Newspaper article Sarasota Herald Tribune

Deal for Warehouse Closes for $51 Million | 907,237-Square-Foot Distribution Center Bought by Canadian Investor

Newspaper article Sarasota Herald Tribune

Deal for Warehouse Closes for $51 Million | 907,237-Square-Foot Distribution Center Bought by Canadian Investor

Article excerpt

COMMERCIAL REAL ESTATE

SARASOTA COUNTY -- A Canadian real estate investor has closed on its $51 million purchase of one of the largest industrial distribution facilities in Southwest Florida.

The Meridian Distribution Center, originally built for grocer Winn-Dixie, was acquired by the Agellan Commercial Real Estate Investment Trust.

The center, off McIntosh Road south of Clark Road, has 907,237 square feet of warehouse distribution space on 50 acres.

The center is fully leased, with United Natural Foods and Bealls the largest tenants.

Agellan, based in Toronto, announced in September that it had reached an agreement to buy the center from Meridian Development Group of Tampa, which paid $30 million for it in 2006. Back then, Meridian said it was the biggest bulk distribution warehouse in the state.

Meridian said it invested $11 million in interior and exterior renovations to convert the property from a single to a multi-tenant facility.

"We held on to this asset longer than we usually do," said Steven Kossoff, managing director at Merdian, which typically looks to improve, lease up and sell within three to five years of acquisition. …

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