|
|
10/13/21
|
Meridian has purchased Beverly Hills Medical Plaza, a 67.5k sf, three-story Class A medical office building in Beverly Hills. The property was purchased as part of a joint venture with a large institutional investment partner for $81.5 mil, or around $1,200/sf, in an off-market transaction. The joint venture plans to invest significant capital in building improvements.
The property is located at 150 North Robertson Blvd on a 0.92-acre parcel that sits along a highly visible, renowned retail corridor in Beverly Hills. “We’re very excited about the location of this property,” said Meridian Vice President, Acquisitions, R.J. Sommerdyke. “It has walkable access to world-class shopping and dining, five-star hotels, and most importantly, Cedars-Sinai Medical Center, one of the most esteemed medical care facilities in the world.
“Beverly Hills Medical Plaza was attractive to us for a variety of reasons,” continues Sommerdyke. “In addition to its excellent location, the property has a very strong tenant roster. Tenants include an on-site surgery center, cardiology, pediatrics, internal medicine, orthopedics, gastroenterology and more. Additionally, over 50% of the tenant roster has an affiliation with neighboring Cedars-Sinai Medical Center. Furthermore, there is a very strong tenant ecosystem and referral network within the building that gave us confidence in the long-term commitment of the tenants.”
The property has been family-owned since it was originally developed in 1989 and was 88% leased at the time of the sale. Meridian intends to conduct capital improvements that will modernize common areas and will implement modest changes in operations to improve the tenant and patient experience.
Newmark’s Kevin Shannon, Co-Head of U.S. Capital Markets, Rob Hannan and Ken White, both Executive Managing Directors, and Steven Salas, Senior Managing Director, all based in the firm’s Los Angeles office, represented the seller, Beverly Hills Medical Plaza Properties, in the transaction. Meridian was self-represented. This is Meridian’s largest acquisition to date by purchase price.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
