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1/17/18
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Meridian has purchased three existing buildings totaling 29k sf on five parcels of land in downtown Long Beach for the development of a new, single-story 9.2k sf ambulatory, out-patient clinic. Meridian paid $2.45 mil for the property, which is located at 1078-1090 Atlantic Blvd, across the street from Dignity Health’s St. Mary’s Medical Center, a 389-bed, Level II Trauma Center.
Meridian plans to spend approximately $3.1 mil on the new medical office building, which will house a dialysis clinic. The clinic will provide treatment to patients who suffer from end-stage renal disease where their kidneys can no longer function on their own.
“There are currently over 1,000 residential units and 700k sf of commercial space either in the planning phases or under construction in the area,” said Meridian’s CEO John Pollock. “We felt this was a great time to build this clinic, which will provide life-saving treatment to patients in the area who desperately need this service.”
The project will include repurposing an existing, two-story 8.3k sf building to a new 9.2k sf Type V-A single-story building that meets OSHPD 3 requirements. “We plan to preserve 50 percent of the existing exterior walls in order to maintain grandfathered status on legal non-conforming setbacks and parking,” said Meridian’s Senior Vice President of Development Mike Conn. “We will also abate all friable asbestos and lead-based paint, while concurrently performing shoring and restoration activities from a recent fire in the building.”
Conn adds, “The exterior of the building will receive updated wall cladding and stone to match the building’s current exterior, as required by the city. The remainder of the building will receive a new stucco finish, eyebrow canopies, and a new storefront entry. The project will also receive all new utilities, Title 24 energy upgrades, a new roof, new HVAC units, a new parking lot, and drought resistant, water efficient landscaping.” Meridian will demolish two existing structures on site, and merge the lots to create a single parcel for the development.
Demolition will begin this month and construction will be completed by the end of the year. The value of the project upon completion is estimated to be $8.4 mil. Becky Blair, President and Principal at Coldwell Banker Commercial in Long Beach, represented Meridian in the sale, and Dan Weil, Vice President at Colliers International in Los Angeles, represented the seller, a local private investor.
This is Meridian’s second purchase in Southern California in two months, having closed escrow on a 57k sf medical office building in Orange County in October.
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