{"id":1004135940,"date":"2016-02-01T07:25:00","date_gmt":"2016-02-01T15:25:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135940"},"modified":"2022-03-03T13:24:01","modified_gmt":"2022-03-03T21:24:01","slug":"pasadena-medical-office-asset-is-meridians-largest-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pasadena-medical-office-asset-is-meridians-largest-acquisition\/","title":{"rendered":"Pasadena Medical Office Asset is Meridian’s Largest Acquisition"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Pasadena, Calif. <\/strong>\u2013 A medical office campus located in the vicinity of the Huntington Memorial Hospital in Pasadena recently became Meridian Property Company<\/a>\u2019s largest building acquisition. Known as the Cotton Medical Center, the asset cost Meridian a reported $37.5 million. During what was Meridian\u2019s eighth acquisition in the past 12 months, the buyer was represented by John Erickson and Brent Weirick of Colliers International, while seller Cotton Medical Center LLC worked with a team consisting of Kennedy Wilson Brokerage Group<\/a> and Charles Dunn.<\/p>\n

\"Cotton<\/a>

Cotton Medical Center<\/p><\/div>\n

Cotton Medical Center is located at 50 Bellefontaine St. and offers a total of 115,000 square feet of medical office space. The property\u2019s North Tower was originally developed in 1975, while the South Tower and the facility\u2019s parking garage were added nine years later. The property stands on a 2.8-acre lot that offers proximity to the aforementioned Huntington Memorial Hospital, as well as the Shriners Hospitals for Children facility, which is currently under construction.<\/p>\n

According to a recently issued press statement, the new owner plans to invest about $5 million the modernization of the facility including efficiency, safety, ADA<\/a>, and machinery improvements. Operating at just 71 percent occupancy, the property will be upgraded to meet the expectations of the current market. Meridian COO John Pollock estimated that the company will need to invest roughly $49 million in the acquisition and modernization of the asset in order to reach full lease-out.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Meridian completes its eighth acquisition in just 12 months. <\/p>\n","protected":false},"author":41,"featured_media":1004135962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21783,1594,21754,21742,21785,15],"tags":[],"class_list":["post-1004135940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-investment","category-los-angeles","category-medical-office","category-latest","category-property-management","category-west"],"acf":[],"yoast_head":"\nPasadena Medical Office Asset is Meridian's Largest Acquisition - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pasadena-medical-office-asset-is-meridians-largest-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pasadena Medical Office Asset is Meridian's Largest Acquisition\" \/>\n<meta property=\"og:description\" content=\"Meridian completes its eighth acquisition in just 12 months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pasadena-medical-office-asset-is-meridians-largest-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-01T15:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T21:24:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Cotton-Medical-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1152\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pasadena-medical-office-asset-is-meridians-largest-acquisition\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pasadena-medical-office-asset-is-meridians-largest-acquisition\/\",\"name\":\"Pasadena Medical Office Asset is Meridian's Largest Acquisition - 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