Premier Business Centers




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





NORTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Meridian Property Completes Its Second East Bay Office Buy This Year

2/27/15

Meridian Property Company has closed escrow on its second East Bay acquisition in the past couple of weeks. In this latest deal, the company purchased a 15.9k sf medical office building in Berkeley. The property, located at 2920 Telegraph Ave, just north of Ashby Ave, was acquired from Gambro of Deerfield, IL in an off-market direct deal transaction. The sales price was not disclosed, although a broker in the area we chatted with estimated that a building like that might go for a bit south of $2 mil.

Built in 1971, the two-story building sits on .22 acres and was completely vacant at the time of the sale. The building is located within two blocks of Sutter Health’s Alta Bates Summit Medical Center; one mile south of the University of California Berkeley; and one mile north of Hwy 24, providing access to I-80, I-980 and I-580.

Meridian plans to invest an estimated $2.6 mil into the building. The firm’s renovation plans include making a variety of upgrades to the facade, adding 10 on-site parking stalls, and upgrading the utilities and water lines to enable a medical tenant to begin their user specific improvements once the shell is ready.

Meridian also plans to decrease the building’s footprint to 12.9k sf in order to create internal secure parking on the back of the ground floor, which will meet the conditional use permit requirement and allow medical use at this location. Meridian expects to commence the renovation of the building in the fall of 2015 once all necessary permits and approvals are in place.

"It is a dynamite location," said Meridian Vice President John Moutsanas. "We know that there will be a significant amount of renovation relative to the size of the building, but we are excited at the opportunity to be located so close to the University of California Berkeley and Sutter Health’s Alta Bates Summit Medical Center. The finished product will provide a unique opportunity for a mid-sized medical user to make a splash so close to campus.”

According to Dave McCarty of Lee & Associates of Oakland, the building's exclusive leasing agent, “The market for this size of contiguous freestanding space is non-existent in Berkeley. We are currently talking to multiple medical users who are interested in taking over the completed building.”

This transaction marks Meridian’s first value-add medical office acquisition in the Berkeley submarket, and brings Meridian's development and acquisition total to more than 1.3 msf. The company’s current assets are located in both northern and southern California.

This marks Meridian's second transaction in 2015. The company closed escrow on January 29th on The Atrium, a fully-occupied, 74k sf office building at 5776 Stoneridge Mall in Pleasanton, for $10.5 mil in an off-market transaction, as reported on RENTV at the time. Meridian plans to invest an estimated $1 mil in improvements.





Return to the Archive page


 
 
 
 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media