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Meridian Nabs 110k sf Office Asset in Irvine

9/09/20

Meridian has purchased a 110.4k sf, four-story Class A office building in Irvine. The asset was acquired in a joint venture with Harrison Street. The price was not disclosed.

The joint venture plans to invest additional capital in building improvements to convert the building into a Class A medical office building. Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once construction is complete.

The property sits on a 4.8-acre parcel at 114 Pacifica Court, bordered by the I-405, I-5 and I-133 freeways within the Irvine Spectrum. The property is centrally located to major transportation hubs, with less than a five-minute drive to Metrolink’s Irvine Station and roughly a 10-minute drive to John Wayne Airport (SNA). The property offers easy access to the numerous amenities at the adjacent Irvine Spectrum Center and is also in close proximity to two of Orange County’s most exciting developments, the Orange County Great Park and the recently announced $1 bil City of Hope Cancer Center.

“The building was being sold 60% occupied and was attractive to us for a variety of reasons,” noted Meridian Vice President, Acquisitions, R.J. Sommerdyke. “In addition to being one of the fastest-growing cities in the state, Irvine has one of the tightest medical office markets in Southern California with extremely high barriers to entry and very strong demographics. The building has great freeway visibility with large, flexible floorplates that can accommodate a variety of uses, such as surgery centers, imaging clinics, etc. These large blocks of space are rarely available in Irvine and are in high demand from medical providers that are looking to grow or consolidate space, near their patients.”

Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once construction is complete.

According to Sommerdyke, “Meridian spent nearly a year obtaining entitlements to convert the property to 100% medical office. We plan to construct a three-level parking structure on-site which will add approximately 165 additional parking stalls to the property, bringing the parking ratio up to 5.55 per 1,000 square feet from 4 per 1,000 square feet. The common areas and lobby will undergo significant renovations and building systems will be upgraded to accommodate medical office uses. Construction of the improvements is expected to be completed in the third quarter of 2021.”

CBRE Executive Vice Presidents Anthony DeLorenzo, based in the firm’s Newport Beach, California office, and Todd Tydlaska, based in the firm’s Los Angeles office, represented the seller, an institutional owner, in the transaction. Meridian and Harrison Street were self-represented, with this transaction marking the third joint venture between the two firms. Leasing of the medical office building will be handled by John Wadsworth, Senior Vice President, and Aaron Phillips, First Vice President at Colliers International in Irvine.




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