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January 24, 2021
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Meridian Buys 188k sf AZ Medical Property

1/12/21

Meridian has purchased El Dorado Medical Plaza, a 187.7k sf, three-story Class B combined medical office building, surgery center and hospital in Tucson, AZ. The property was purchased in partnership with a large institutional investor. Meridian plans to invest additional capital in building improvements and renovations.

The property is located at 1400 North Wilmot Rd on an 11.55-acre parcel that is near Tucson Medical Center’s main hospital campus and St. Joseph’s Hospital, as well as other healthcare facilities. Meridian plans to invest additional capital in building improvements and renovations.

“This facility is unique in that it includes both a medical office building and a surgery center, plus it has inpatient hospital floors,” said Meridian Vice President of Real Estate Development, Sheila Schmidt-Turkington. “The property is currently 82% leased to three tenants, Tucson Medical Center (TMC), Southern Arizona’s regional non-profit hospital, a 36-bed inpatient behavioral health hospital, and a prominent surgery center.”

Currently, there is a large, mostly unused surface parking lot and structure on the east side of the building. There are multiple points of entry into the building, but only one ‘main entry’ to the hospital building on the north side. Meridian plans to activate one of the eastern entryways by remodeling it and allowing the tenant to add additional signage near the renovated entry.

Meridian plans to do significant renovations inclusive of separating the tenancy in the building by way of dedicated entryways and updating internal corridors to ‘guide’ the patients more easily to the desired floor. The behavioral health provider will have clearly marked ingress and egress to the building leading to the third-floor suites and to no other areas in the building. Building renovations are expected to begin immediately and are scheduled to be completed by the end of 2021.

Marcus & Millichap’s Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea represented the seller, Clarion Properties, in the transaction. Meridian was self-represented. A price was not given out.






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