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May 23, 2019
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NoCal Outpatient Clinic Sells for $700/sf

5/13/19

A NoCal firm involved in a 1031 exchange paid $7 mil for a 9.9k sf ($707/sf), outpatient clinic in Castro Valley, CA. The property was sold by Meridian in a deal that closed at a cap rate of 5.0%.

The outpatient clinic is located in the heart of the Eden Medical District at 20359 Lake Chabot Rd. The building sits at the base of Sutter’s Eden Medical Center campus and just one block north of Castro Valley’s retail corridor. It is surrounded by multi-tenant medical and dental buildings.

In October 2014, Meridian acquired the .72-acre parcel of vacant land as a requirement for its client. After a long hold period, due to some restructuring by the client, Meridian completed ground-up construction of the building last year in just six months.

“We knew it was important to our client to have a presence in Castro Valley. Our investment strategy enabled us to buy the parcel and hold onto it until our client was ready to move forward,” said Meridian CEO, John Pollock. “The small, compact site was relatively odd-shaped and had challenging topography. Our team successfully created a strong development solution for this challenging parcel, and we are thrilled with the outcome.”

“The site’s topography required us to address some steep grade changes with retaining walls, with approximately a 13-foot difference in topography from the front of the site to the rear,” commented Meridian CEO, John Pollock. “We worked very closely with the county and the surrounding community to make sure that this project would be a valuable addition to the community and integrate well into the neighborhood.” Meridian’s project architect was Harrimon Kinyon Architects, Kier & Wright was the civil engineer, and the general contractor was H2 Builders.

The buyer was represented by Newmark Knight Frank in the sale. Meridian was repped by Chris Sheldon with Cushman and Wakefield. Meridian currently owns and manages healthcare properties throughout the western United States and is currently pursuing acquisitions and developments throughout California, the Southwest and the Pacific Northwest.




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