{"id":1004521441,"date":"2021-04-12T04:44:40","date_gmt":"2021-04-12T12:44:40","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004521441"},"modified":"2021-05-15T10:25:24","modified_gmt":"2021-05-15T18:25:24","slug":"meridian-sells-orange-county-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-sells-orange-county-mob\/","title":{"rendered":"Meridian Sells Orange County MOB"},"content":{"rendered":"
\"\"<\/a>

The Laguna. Image courtesy of Meridian<\/em><\/p><\/div>\n

Meridian has sold The Laguna, a 57,573-square-foot medical office building in Laguna Hills, Calif., for $31.3 million. The buyer was Healthcare Realty Trust, public records show. JLL assisted the seller in the disposition.<\/p>\n

\u201cThe Laguna was Meridian\u2019s first acquisition in Orange County, and it opened the door to other local opportunities. Meridian has since acquired a 55,000-square-foot medical office building<\/a> in the South Coast market of Santa Ana in addition to a 110,000-square-foot medical office conversion project<\/a> that is currently under construction in the Irvine Spectrum,\u201d R.J. Sommerdyke, vice president of acquisitions with Meridian, told Commercial Property Executive<\/em>.<\/p>\n

Meridian had bought the Class B asset<\/a> in 2017 from Greenlaw Partners for $19.9 million, also taking out a $16.6 million loan from MUFG Bank, according to CommercialEdge data. Following the purchase, the firm invested more than $2 million into the property, bringing it to Class A standards, Sommerdyke said in prepared remarks. <\/p>\n

Located at 24022 Calle de la Plata, part of the Memorial Care Saddleback Medical Center campus, the five-story building features 12,300-square-foot floorplates and ground-floor retail. The medical facility is leased to a diverse mix of health-care providers. Anchor tenants include South Coast Eye Center, Pacific Cardiovascular Associates, Pacific Hills Surgery Center and Simon Imaging, the seller confirmed for CPE<\/em>.<\/p>\n

The property is some 2 miles north of downtown Laguna Hills, just south of Interstate 5. The location is across from Laguna Hills Mall and Oakbrook Village, with many other shopping venues nearby.<\/p>\n

JLL Managing Directors Evan Kovac and Andrew Milne represented Meridian in the deal. The brokerage duo was recently part of a team assisting Virtus Real Estate Capital and its joint-venture partner in the sale of a 47,600-square-foot medical office building<\/a> in San Diego.<\/p>\n

A growing medical office portfolio<\/h2>\n

For its Santa Ana property, Meridian secured a large health-care provider as tenant for 50 percent of the building during escrow. As for the Irvine property, Meridian is currently adding a three-level parking structure, necessary for medical occupancy. Leasing is also underway.<\/p>\n

Meridian intends to remain bullish on the medical office sector: \u201cThere is a lack of quality medical office space in the market and rising construction costs are putting pressure on the viability of new development. As a result, we will continue to look for conversion opportunities where we can acquire buildings at a fraction of replacement cost and pass those savings along to our tenants,\u201d Sommerdyke concluded.<\/p>\n

Meridian CEO John Pollock said, in a prepared statement, that the company has approximately 500,000 square feet in development\/redevelopment, with another 500,000 square feet in the pipeline. The company\u2019s acquisition interests lie in California, the Pacific Northwest and the Southwest.<\/p>\n

*Note: The article was updated on 4\/15 to include the name of the buyer and the price. <\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The seller invested more than $2 million in the Laguna Hills property. <\/p>\n","protected":false},"author":870,"featured_media":1004528423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21754,21742,34267,15],"tags":[36000,36666,32796,33332],"class_list":["post-1004521441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-medical-office","category-latest","category-orange-county","category-west","tag-greenlaw-partners","tag-healthcare-realty-trust-inc","tag-jll","tag-meridian"],"acf":[],"yoast_head":"\nMeridian Sells Orange County MOB - 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-sells-orange-county-mob\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meridian Sells Orange County MOB\" \/>\n<meta property=\"og:description\" content=\"The seller invested more than $2 million in the Laguna Hills property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/meridian-sells-orange-county-mob\/\" \/>\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=\"2021-04-12T12:44:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:25:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/The-Laguna-e1618229557600.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1125\" \/>\n\t<meta property=\"og:image:height\" content=\"843\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\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\/meridian-sells-orange-county-mob\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/meridian-sells-orange-county-mob\/\",\"name\":\"Meridian Sells Orange County MOB - 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