 |
| Lorenzo Brooks |
SAN RAMON, CALIF. –
Meridian, a full-service real estate developer and owner
of medical real estate, is pleased to announce that it has closed
escrow on the purchase of a 7,500-square-foot building sitting on 2.06-acres
located in Stockton, California.
The purchase price was $1.25 million. Meridian purchased the property to develop a new ambulatory
outpatient clinic for its client.
“Once the existing building is vacated, we plan to demolish it in order to make space for the new larger facility,” said Meridian Director of Acquisitions, Lorenzo Brooks. “The new facility will be a state-of-the-art 13,600-square-foot OSHPD3 outpatient clinic. Construction is scheduled to begin in the next few months and should take less than a year to complete.”
The project is located at 7500 West Lane, which is positioned directly across the street from Kaiser Permanente’s Stockton Medical Offices and within a five-minute walk to restaurants and retail amenities including Costco.
“This location is perfect for our client who has experienced strong demand for its services in this area,” said Brooks. “We persevered for over 15 months to bring this deal to a close because of our confidence that this would be an ideal location to serve patients in the community. Ultimately, it was our ability to structure a deal that worked well for us as well as the existing landowner, which led to this successful transaction.”
Brooks adds, “We’re extremely proud of this acquisition as it shows our ability to unlock valuable real estate near major healthcare system hubs. This deal marks the 16th outpatient clinic that we have developed in the last five years and we continue to solidify ourselves as experts in healthcare development.”
“Once the existing building is vacated, we plan to demolish it in order to make space for the new larger facility,” said Meridian Director of Acquisitions, Lorenzo Brooks. “The new facility will be a state-of-the-art 13,600-square-foot OSHPD3 outpatient clinic. Construction is scheduled to begin in the next few months and should take less than a year to complete.”
The project is located at 7500 West Lane, which is positioned directly across the street from Kaiser Permanente’s Stockton Medical Offices and within a five-minute walk to restaurants and retail amenities including Costco.
“This location is perfect for our client who has experienced strong demand for its services in this area,” said Brooks. “We persevered for over 15 months to bring this deal to a close because of our confidence that this would be an ideal location to serve patients in the community. Ultimately, it was our ability to structure a deal that worked well for us as well as the existing landowner, which led to this successful transaction.”
Brooks adds, “We’re extremely proud of this acquisition as it shows our ability to unlock valuable real estate near major healthcare system hubs. This deal marks the 16th outpatient clinic that we have developed in the last five years and we continue to solidify ourselves as experts in healthcare development.”
For more
information, please contact:
Anne Monaghan (anne@monaghanpr.com)
No comments:
Post a Comment