 |
| Dialysis Clinic, 4242 Broadway, Oakland, CA |
 |
| John Pollock |
SAN RAMON, CA – Meridian, a full-service real estate developer and owner of
medical real estate, is pleased to announce that it has closed escrow on the
sale of its 12,754-square-foot dialysis clinic in Oakland, California.
The purchase
price was $15.7 million, representing a price of $1,230+-per-square-foot
or a cap rate of 5.1 percent.
This is Meridian’s fifth transaction in 2018,
having acquired four new buildings earlier this year and selling its
104,000-square-foot multi-tenant office building in Brisbane, California in
June.
The outpatient dialysis clinic is located at 4242 Broadway in Alameda County, in the North Oakland neighborhood in a busy corridor near Kaiser Permanente and Sutter Hospitals on Pill Hill.
The site is
also positioned within proximity to the MacArthur BART station, Interstate 580
freeway, Highway 24 and adjacent to a variety of retail services.
In 2013,
Meridian acquired four lots to create a 19,600-square-foot parcel for ground-up
construction of the new, state-of-the-art outpatient healthcare clinic.
 |
| Mike Conn |
According to Meridian’s CEO John Pollock, “Having a visible outpatient
facility that also provides easy access and convenience for patients and staff
has been a growing trend for systems and healthcare providers.
"Patients
often have difficulty navigating the large and often confusing hospital
campuses, entrances and large parking garages. It is all about the patient
experience.
"Meridian
has seen this trend over the past few years given the cost advantage and
convenience factor of providing services in an outpatient setting as opposed to
a higher acuity, higher cost hospital.”
Senior Vice President Mike Conn adds, “Given that this requirement was in an extremely tight urban infill market, paired with the attractive Oakland market in recent years, this was a difficult type of site to locate.
"With a
little flexibility regarding development style, we were able to deliver a
desirable building in a perfect location.”
The site required Meridian to vacate and demolish three different buildings while maintaining the structural integrity of a large retaining wall built into the rear of the buildings.
The site required Meridian to vacate and demolish three different buildings while maintaining the structural integrity of a large retaining wall built into the rear of the buildings.
 |
| Chris Sheldon |
Since its inception in 1999, Meridian has developed over 15 dialysis clinics.
“Kidney
failure, also known as end-stage renal disease, is a fatal condition unless a
kidney transplant is available, or a patient undergoes dialysis, in which a
machine filters toxins and fluids from the blood outside the body," Conn
added.
"In-center
dialysis patients are treated approximately four hours a day, three times a
week. There is a tremendous need to bring these types of services to the
communities where patients live, and we are committed to doing so for our
client.”
Chris Sheldon of Cushman and Wakefield, based in the firm’s San Francisco office, represented Meridian in the transaction.
The buyer was
a Fremont-based family office in a 1031 exchange who was looking to invest in
an iconic location that gave them access to the healthcare market. The buyer
was represented by Bay Area-based The Kase Group.
CONTACT
No comments:
Post a Comment