After just selling Cotton Medical Center in Pasadena, Calif., Meridian has acquired a 53,500-square-foot medical office building in Santa Ana, Calif. Affliction traded the asset for $20.4 million, after three years of ownership, according to Yardi Matrix. The buyer plans to invest an additional $5 million in capital improvements.
Located at 3601 W. Sunflower Ave., the office occupies 4.8 acres near the intersection of Interstate 405 and freeways 73 and 55, around 6 miles from downtown Irvine and John Wayne Airport. Additionally, the building is close to Orange County’s newest retail and office projects in the South Coast submarket and is right across the street from The Press, 430,000-square-foot creative office and food hall project, scheduled to open in 2020.
The office was constructed in 2000 as a special use building for a culinary and art school; however, the school went bankrupt earlier this year. The one-building office features two separate spaces, each encompassing around 24,700 square feet and above standard ceiling heights. The property also features 369 parking spaces. Meridian plans to upgrade common areas, landscaping and major mechanical systems, to fully transform the asset into a medical office building.