Cypress West Gains Management of Cali Medical Center
- Jun 07, 2017
Meridian appointed Cypress West Realty Management to manage its medical complex in Pasadena, Calif.
Known as Cotton Medical Center, the 115,000-square-foot medical office complex is located at 50 Bellefontaine St. in the vicinity of Huntington Memorial Hospital, and is adjacent to the upcoming Shriners Hospitals for Children that will be opening in June. The facility is situated on a 2.8-acre land parcel and encompasses a four-story 52,000-square-foot building and a five-story 63,000-square-foot building. The property’s North Tower was originally developed in 1975, while the South Tower and the facility’s parking garage were added nine years later.
Meridian purchased the medical center in 2016 for $37.5 million and has invested an additional $5 million in renovations to both the common areas and tenant improvements. Refurbishments included enhancement of the building’s signage, and augmented grounds with new landscaping and outdoor furniture. Additionally, a new café will be opening in the summer along with a new HVAC system.
“Having completed the extensive renovation of Cotton Medical Center, we now want to focus on providing our tenants and the community best-in-class management services,” John Pollock, CEO of Meridian, said in prepared remarks. “We didn’t have to look far when selecting our new property management company. Cypress West understands the demands of healthcare real estate and makes attention to detail and tenant satisfaction their top priority.”
Images courtesy of Meridian