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