Meridian Sells CA Medical Office Building

The buyer, a Fremont-based family office, completed the purchase through a 1031 exchange. The asset is located in Oakland.
4242 Broadway St.

Meridian has sold one of its medical office developments in Oakland, Calif., in a transaction that closed at $15.7 million.  The 1031 exchange marks the company’s fifth transaction this year and follows an earlier $39.5 million sale of an office building in Brisbane, Calif. Cushman & Wakefield Executive Director Chris Sheldon represented Meridian in the deal while The Kase Group worked on behalf of the buyer, a Fremont-based family office looking for access to the California healthcare market.

The 12,754-square-foot asset operates as an outpatient dialysis clinic and is located at 4242 Broadway St. Meridian bought the site in 2013 and completed the clinic in 2017, after working 10 months on the project.

Given that this requirement was in an extremely tight urban infill market, paired with the attractive Oakland market in recent years, this was a difficult type of site to locate. With a little flexibility regarding development style, we were able to deliver a desirable building in a perfect location,” said Senior Vice President Mike Conn in prepared remarks.

Located nearby are the Kaiser Permanente and Sutter hospitals. The property can be reached via the MacArthur BART station, Interstate 580 and Highway 24.

Image courtesy of Meridian