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1/30/15
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In a recent NoCal office buy, Meridian Property Company has purchased The Atrium, a 74k sf professional building in Pleasanton. The property, located at 5776 Stoneridge Mall Rd, was purchased from Los Angeles-based Downtown Properties in an off-market transaction.
Built in 1982 on 3.55 acres, the three-story building is located one mile south of I-580 and one mile west of I-680, directly across from Stoneridge Mall. The building was 100% occupied at the time of the sale.
Meridian plans to invest an estimated $1 mil in the building, including aesthetic upgrades to the common areas, walkways, directories and onsite amenities. Meridian will also provide a model suite that will enhance the tenant experience and demonstrate the future vision for the building. The firm’s strategy also includes increasing the rentable area of the building, completion of deferred maintenance, and adding select ADA upgrades to the building.
"Aside from the historically low vacancy and rising rents, The Atrium offers smaller medical and professional tenants a unique opportunity to benefit from neighboring amenities typically reserved for Class A, Fortune 500 tenant profiles,” noted Meridian's COO John Pollock. “Some of these amenities include a location at the intersection of two major highway corridors, walking distance from the West Dublin BART station, and many neighboring retail, restaurant, banking and medical opportunities."
Simon Vogt of Lee & Associates-East Bay in Pleasanton represented Meridian. Downtown Properties was represented by Katherine J. Kelleher of CBRE in Oakland. The sales price could not be disclosed.
Meridian was founded as a suburban general office value-add developer in 2000, but has been focusing on medical office development since 2004. This transaction marks Meridian's first value-add suburban general office acquisition in nearly a decade and brings the company’s development and acquisition total to more than 1.2 msf. The properties are located in both southern and northern California.
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