Meridian’s Rx for Medical Office Building: Renovation
- Oct 13, 2015
With the acquisition of a 19,202-square-foot medical office building located at 380 W. MacArthur Blvd. in Oakland, Meridian has expanded its portfolio to 1.3 million square feet. The company purchased the asset from BIC Oakland for an undisclosed amount in an off-market transaction.
The two-story medical office building occupies a one-acre lot near Kaiser Permanente Oakland Medical Center as well as Sutter Health’s Alta Bates Summit Medical Center. Meridian plans a $2.2 million upgrade that will renovate the 38-year-old property’s façade, bring in new utilities and water lines, and add a new lobby and elevator. Joseph Crist and John Moutsanas of the buyer’s acquisition team hinted that should all permits and approvals go through, the process will begin this fall.
“The market for this size of contiguous freestanding space, with this kind of parking, is non-existent in Oakland,” Sonny O’Drobinak of Transwestern pointed out in a statement. Transwestern is the exclusive leasing agent for the property.
In a year during which Meridian has closed acquisitions for several other Bay Area properties, such as The Atrium at 5776 Stoneridge Mall in Pleasanton and 2920 Telegraph Avenue in Berkeley, the company has also completed its first value-add medical office acquisition in the Oakland market. So far this year, Meridian has invested $18 million in Northern California.
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