Toronto-based Agellan Commercial Real Estate Investment Trust has picked up the Meridian Distribution Center in a $52.5 million transaction. Located at Clark and McIntosh roads in Sarasota, the 907,237 square-foot property changed hands for just under $58 per sqf. Also included in the purchase was an adjacent undeveloped nine acre tract of land. The seller, Tampa-based Meridian Development Co., bought the asset in 2006 for $30 million. The property is currently anchored by Bealls, Albert’s Organics and MyUS.com. In all, Agellan owns 36 properties in Canada and the U.S. (mostly in Texas, Illinois and Georgia) totaling more than six million square feet of space. In the U.S.
“We liked the price and where the property is,” stated Frank Camenzuli, Agellan’s CEO, “We very much appreciate the value of refrigerated warehouses, and this asset has a little bit of land attached so at some point we may build something there. For now, our goal is to maintain it and keep the tenants happy.”
