Meridian Sells New Construction 11,250 SF Dialysis Clinic in Modesto for $6.1 Million

SAN RAMON, Calif. – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the company has closed escrow on the sale of its new construction, 11,250-square-foot outpatient dialysis clinic in Modesto, California. The purchase price was $6.1 million, representing a cap rate of 5.1%. The outpatient clinic is located at 1328 Coffee Road and is positioned just down the street from Sutter’s Memorial Medical Center and less than a block away from a variety of neighborhood amenities. In April 2018, Meridian acquired an infill 39,204-square-foot vacant parcel to build the Modesto dialysis clinic and completed the development in May 2019. “Modesto is seeing heightened demand for medical facilities due to rapid growth in the area. We are very pleased that our client finds value in our ability to unlock difficult off-market sites or assemblages for new development in our very land-constrained market,” [...]

2019-12-18T12:24:50-08:00December 18th, 2019|Categories: In the News|Tags: , , , |0 Comments

Meridian Sells Dialysis Clinic In Oakland, Calif. For $15.7 Million

SAN RAMON, CALIF. – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that it has closed escrow on the sale of its 12,754-square-foot dialysis clinic in Oakland, California. The purchase price was $15.7 million, representing a price of $1,230+-per-square-foot or a cap rate of 5.1 percent. This is Meridian’s fifth transaction in 2018, having acquired four new buildings earlier this year and selling its 104,000-square-foot multi-tenant office building in Brisbane, California in June. The outpatient dialysis clinic is located at 4242 Broadway in Alameda County, in the North Oakland neighborhood in a busy corridor near Kaiser Permanente and Sutter Hospitals on Pill Hill. The site is also positioned within proximity to the MacArthur BART station, Interstate 580 freeway, Highway 24 and adjacent to a variety of retail services. In 2013, Meridian acquired four lots to create a 19,600-square-foot parcel for ground-up construction [...]