{"id":1004189323,"date":"2017-09-04T03:43:34","date_gmt":"2017-09-04T11:43:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189323"},"modified":"2022-12-08T06:39:23","modified_gmt":"2022-12-08T14:39:23","slug":"meridian-nabs-bay-area-175-ksf-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-nabs-bay-area-175-ksf-office\/","title":{"rendered":"Meridian Nabs Bay Area 175 KSF Office"},"content":{"rendered":"

By Ariela Moraru<\/p>\n

\"Sutter<\/a>

Sutter Square<\/p><\/div>\n

Meridian acquired Sutter Square, a 174,689-square-foot office building in Concord, Calif. This marks the company\u2019s second value-add office investment in the last 12 months in the San Francisco Bay Area. Cranbrook Group of Modesto, Calif., sold the property for $26.2 million. Transwestern\u00a0was selected to handle the leasing.<\/p>\n

Located at 1800 Sutter St., the nine-story building was 78 percent leased at the time of the transaction. The property is close to BART and new multifamily and retail developments part of downtown Concord’s revitalization<\/a>. The asset has easy access to Interstate 680 and state routes 242 and 4 and is a five-minute drive to John Muir Health, Concord Medical Center.<\/p>\n

\u201cDowntown Concord has evolved into a viable residential, lifestyle and retail environment to complement its existing corporate office base and the adjacent Concord Naval Weapons development solidifies the future long-term viability of investing in Concord,\u201d\u00a0<\/em>Scott Ellis, SVP, Transwestern, said\u00a0in a prepared statement.<\/p>\n

Ellis and Senior Managing Director Edward Del Beccaro, represented the seller, while Meridian represented themselves in the transaction.<\/p>\n

Value-add investment strategy<\/h2>\n

Meridian plans to reposition the property and bring upgrades to the building systems, roof and common areas, including the lobby, hallways, fitness room and conference area. Individual tenant suites will be improved with new carpet, paint, glass wall offices and Title 24 energy-efficient lighting. ADA issues throughout the building will also be addressed. Brooks noted Concord\u2019s office market strength as tenants transition away from more expensive Bay Area markets.<\/p>\n

\u201cBelow market rent and occupancy provided an opportunity for Meridian to purchase this asset as part of our value-add office investment strategy,\u201d<\/em> said Lorenzo Brooks, Meridian\u2019s director of acquisitions, in prepared remarks.<\/p>\n

Last year, Meridian purchased a 115,000-square-foot medical office complex in Los Angeles County for $37.5 million and earlier this year a six-story 105,000-square-foot office building in San Mateo County, Calif., for just under $29 million.<\/p>\n

Image courtesy of Meridian <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The firm plans to reposition the property and bring upgrades to the building systems, roof and common areas. Transwestern will be handling leasing efforts.<\/p>\n","protected":false},"author":960,"featured_media":1004507736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1609,15],"tags":[36351,37437,34836,33313],"class_list":["post-1004189323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-capital-improvement","tag-cranbrook-group","tag-marcus-millichap","tag-transwestern"],"acf":[],"yoast_head":"\nMeridian Nabs Bay Area 175 KSF Office - 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\/meridian-nabs-bay-area-175-ksf-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meridian Nabs Bay Area 175 KSF Office\" \/>\n<meta property=\"og:description\" content=\"The firm plans to reposition the property and bring upgrades to the building systems, roof and common areas. 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