Meridian Capital Group, America’s most active dealmaker, arranged $23.25 million in financing for the Cedar Ridge Office Park in Southlake, TX on behalf of TS Partners.
The 10-year CMBS loan was negotiated by Meridian Managing Directors, Allan Lieberman and Steven Adler, and Vice President, Simcha Schick, who are all based in the company’s New York City headquarters.
Located at 850 and 950 East State Highway in Southlake, TX, the two-story office buildings span 129,000 square feet and contain 12 units. Built in 2005 and 2007, the properties feature tilt-wall construction with exterior stone, metal canopy roofs, and high-end finishes. Cedar Ridge Office Park is situated on a large, well-landscaped campus offering 416 surface-level parking spaces in addition to 122 indoor, lower-level spaces. TS Partners has maintained close to full occupancy at the properties through its ownership period. 850 East State Highway was occupied by Keller Williams from the building’s construction until 2017, when the company moved to a larger space. Coldwell Banker subsequently signed a lease on the property at $32.50 per square foot, and there is significant leasing activity from viable prospects for the remaining space, which is expected to reach full occupancy within the next several months.
Southlake is located in the heart of Northeast Tarrant County in the Dallas / Fort Worth Metro area. The city ranks among the nation’s wealthiest housing markets and boasts one of the highest median household incomes in the country. Cedar Ridge Office Park benefits from a strong location with direct access to Highway 114 and is just one mile from the popular Southlake Town Square shopping center. Additionally, the property enjoys close proximity to the Dallas / Fort Worth International Airport, which served nearly 32 million passengers in 2017.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com