Meridian Purchases Tucson Medical Office Building

The company teamed up with an institutional investor to purchase the 187,690-square-foot asset.
El Dorado Medical Plaza. Image courtesy of Meridian

Meridian has acquired El Dorado Medical Plaza, a three-story, 187,690-square-foot medical office building in Tucson, Ariz. The company purchased the asset in partnership with an institutional investor and plans to invest in capital improvements. Clarion Properties was the seller.

The Class B asset combines office space with a surgery center and a hospital. The property is 82 percent leased and includes tenants such as Tucson Medical Center. Renovations are scheduled for completion in 2021.

Located at 1400 N. Wilmot Road, on approximately 12 acres, the building is within 1 mile of St. Joseph’s Hospital. Downtown Tucson is 8 miles from the medical property.

A Marcus & Millichap team including Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea assisted the seller in the transaction, while Meridian was self-represented.

In November 2020, Marcus & Millichap arranged the sale of 2625 Shadelands Drive, a 60,000-square-foot medical office building in Walnut Creek, Calif. Caddis Healthcare Real Estate purchased the Class B asset from TSM Investments for $23.2 million.