ST. PETERSBURG, FL-The Meridian Gateway Center is seeing a small flurry of leasing activity. Gemini Power Systems and Sizewise Rentals both inked significant deals in the Gateway submarket.
St. Pete-based Gemini Power Systems took down 75,000 square feet at the building, which is located at 3380 Scherer Drive just off I-275 and Roosevelt Blvd. Sizewise, a Kansas City, MO-based medical and hospital equipment provider, leased 9,039, at the class A property.
“Both of these tenants are expansions, which is good news for the market,” James Moler, a senior vice president in the Tampa office of Grubb & Ellis|Commercial Florida, tells GlobeSt.com. “Another firm signed a letter of intent to come into the center. Tenants are comfortable with this space because we have quality ownership that pays attention to operations and tenant relations.”
Moler, along with Paula Buffa, a senior vice president, and associate Maria Camarinos Hall, negotiated the transaction representing the landlord Carlyle/Meridian Pinellas, L.P. based in Washington, D.C. Pinellas Park-based Broderick & Associates represented Gemini Power Systems. Safety Harbor-based Industrial Realty Solutions represented Sizewise.
Meridian Gateway Center offers four class A flex warehouse buildings totaling 165,013 square feet. The property also includes newly built out class A office space. Meridian Gateway Center was originally constructed in 1984, but recently completed $2 million in renovations. The property is 76% occupied. Moler says the occupancy rate could rise to the mid-80s before year-end based on pending deals.
“We’ve had great success in the fourth quarter,” Moler says. “We are getting a lot of deals closed and we are still on the front end of putting together marketing materials, showing space, and writing proposals. We expect the momentum to continue into 2011.”
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