 |
| Dialysis Clinic, Palmdale, CA (Photo by Michael Polk, Majesticcaptures.com) |
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
13,750-square-foot dialysis clinic in Palmdale, Calif.
The purchase price was $6.97 million,
representing a cap rate of 5.0%. This is the second dialysis clinic that
Meridian has sold this year. Earlier this year, Meridian sold a similar clinic
in San Rafael, Calif.
 |
| John Pollock |
The Palmdale clinic is
located at 38454 5th Street West in Los Angeles County, near the new Palmdale
Regional Medical Center. In 2010, Meridian acquired several buildings and
excess land that were owned by the lender General Electric Credit Equities,
Inc.
The availability and
low-land basis provided a unique opportunity to work with a dialysis provider
to build a new state-of-the-art clinic in close proximity to the hospital with
an affordable rent.
According to Meridian’s
COO John Pollock, “Kidney failure,
also known as end-stage renal disease (ESRD), 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.
"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 into the communities
where patients live.”
This location, like many
other that Meridian has developed, was located near patient need, says Pollock.
“Having a visible outpatient facility provides easy access and convenience for
patients and staff as they don’t have to navigate large and often confusing
hospital entrances and parking garages,” Pollock explains.
 |
| Mike Conn |
“It is all about the
patient experience. Meridian expects this trend to continue in the coming years
given the cost advantage and convenience factor of providing basic services in
retail settings as opposed to higher acuity hospitals.”
Meridian’s Senior Vice
President of Development, Mike Conn,
was responsible for delivery of the clinic. “Through a coordinated team effort
with our client, vendors and the city, we were able to construct a ground up
OSHPD 3 clinic turn-key in less than seven months.”
Conn added that “Speed to
market, branding, and market share are becoming extremely important as
providers compete for patients and physician groups. We provide synergistic
solutions to healthcare systems that are faster and more cost-effective for
them.”
Gary Stache
and Bryan Lewitt of CBRE, based in
the firm’s Newport Beach and downtown Los Angeles office respectively,
represented Meridian, the seller. The buyer, a private investor based in the
Central Valley of Calif., was represented by Five Star Land Company, Inc. in
Wilton, Calif.
This transaction comes on
the heels of Meridian’s sale of its 74,000-square-foot general office building
located in Alameda County at 5776 Stoneridge Mall Road in Pleasanton, Calif.
The purchase price was $15.5 million, representing a cap rate of 7.0%. The
Pleasanton property was sold in September 2016.
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
anne@MonaghanPR.com
830.997.0963
No comments:
Post a Comment