Recently Built Central Valley MOB Changes Hands
- Dec 16, 2019
Meridian has sold a recently constructed outpatient dialysis clinic in Modesto, Calif., to a 1031 exchange buyer. The 11,250-square-foot asset changed hands for $6.1 million, at a cap rate of 5.1 percent.
Executive Director Chris Sheldon from Cushman & Wakefield‘s San Francisco office worked on behalf of the seller. Recently, Sheldon also represented Meridian in the $7.5 million sale of a 13,600-square-foot dialysis clinic in Stockton, Calif.
Completed in May 2019, the single-story Modesto facility is located at 1328 Coffee Road, less than a mile from the Sutter Central Valley Hospitals and close to several health-care establishments. “This outpatient facility is part of the growing trend to move the delivery of care out of the high acuity hospital setting,” Meridian Executive Vice President Mike Conn told Commercial Property Executive. “This project also underscores investors’ recognition that outpatient health care is an integral part of a balanced portfolio.”
H2 Builders served as general contractor of the project, Kier and Wright was the civil engineer and Harriman Kinyon Architects provided design and architecture services.
If you’d like to be featured in Brokers’ Corner, send your deal to firstname.lastname@example.org.