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November 22, 2019
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Healthcare Realty Trust Buys Pasadena Medical Office Property

10/14/19

Healthcare Realty Trust, a publicly traded REIT, has boosted its portfolio with the acquisition of Cotton Medical Center, a 115k sf office property in Pasadena. The price was not disclosed.

Cotton Medical Center is located at 50 Bellefontaine St and 50 Alessandro Pl, adjacent to Huntington Memorial Hospital. It consists of two freestanding, multi-tenant buildings.

The asset was sold by Meridian, who acquired the property in January 2016 when the buildings were 71% occupied. During its ownership, Meridian performed over $10 mil in interior and exterior renovations and brought occupancy up to approximately 86%.

According to Meridian’s Vice President of Acquisitions, R.J. Sommerdyke, “This was Meridian’s largest acquisition at the time and provided an opportunity to acquire a fee-simple interest in a fundamentally strong market in Southern California. In addition to Cotton Medical Center’s proximity to the hospital, access to LA Metro’s Fillmore Station and convenient access to the 110, 210 and 134 freeways were also influencing factors in the acquisition.”

“Our renovations were extensive,” said Heidi Duffy, Meridian Asset Manager. “Scope of work for the project included installing new wayfinding signage throughout both the interior and exterior of the buildings, updating all common areas with new modern finishes, elevator modernization, installing fire sprinklers in one of the buildings, performing Title 24 and ADA upgrades, new automated parking equipment, a new Café, electric car charging stations, and installing high efficiency BMS, HVAC, and lighting systems throughout the building. We wanted to make sure we capitalized on this opportunity by not only modernizing the buildings, but also improving the patient experience, which we definitely accomplished.”

Angie Weber, Dana Nialis and Kyle Weber of CBRE’s Los Angeles office managed the leasing efforts at the property. Both the buyer and seller were self-represented in the off-market, direct-sale transaction.





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