Meridian Sells CA Office Building
- Jun 20, 2018
Meridian has sold one of its office assets in Brisbane, Calif., to Phase 3 Real Estate Partners of South San Francisco and San Diego, for $39.5 million. The 104,000-square-foot property was part of the company’s portfolio since December 2016, being Meridian’s largest acquisition at the time. The buyer plans to reposition the building in order to make it more suitable to life-science tenants.
“We were big believers in the resurgence of the North San Mateo County market, particularly due to the explosion in life science demand, coupled with YouTube’s large presence and expanding footprint in San Bruno. Our strategy proved out,” said Senior Vice President John Moutsanas, in a prepared statement.
Located at 1000 Marina Blvd. on a 4.5-acre parcel, the six-story, LEED-certified building is 92 percent leased to seven tenants. According to Yardi Matrix data, at the time of the sale, the property was subject to a $26.5 million loan originated by Comerica Bank. In 2016, the asset cost Meridian $26.5 million.
A team of brokers from CBRE’s Northern California Capital Markets team represented both the buyer and the seller in the off-market transaction.
At the beginning of the year, Meridian completed the ground-up construction of a single-tenant medical office building in Castro Valley, Calif. and acquired three assets on five parcels totaling 29,000 square feet in Long Beach, Calif., for $2.5 million.
Image courtesy of Meridian