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8/04/15
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Work has just been completed on a 10.7k sf medical clinic in the Marin County city of San Rafael. The project, developed by Meridian, is leased to DaVita Healthcare Partners, who will occupy the entire building.
The project is situated on a 17k sf site at 1415 Third St, just west of Hwy 101. This was a ground-up urban infill development that began with full demolition of the original existing structure.
According to Meridian COO John Pollock, the project presented some unique challenges. This included the site consisting of a small, odd-shaped parcel with difficult topography.
Since the site couldn't support a 4/1000 parking ratio, Meridian decided to purchase the neighboring historic Victorian triplex. "We purchased the adjoining property and reverted the triplex into a single-family home, which we were able to quickly sell, and changed the lot line to provide the additional land for our medical/office building parking," Pollock said.
Over the past 12 months Meridian has completed transactions totaling 400k sf (including acquisitions, leases and/or dispositions), with another 250k sf in the pipeline. In Berkeley, Meridian is investing an estimated $2.6 mil into a building it acquired in late February 2015. That property, a 15.9k sf medical office building located at 2920 Telegraph Ave, recently received City approval to continue as a medical facility. The hazardous material abatement and interior demolition have been completed and construction on the exterior upgrades is expected to commence in August.
In Pleasanton, Meridian is renovating a building it purchased at the end of January 2015, The Atrium, a fully-occupied 74k sf professional office building at 5776 Stoneridge Mall. Renovations and upgrades are underway. Meridian plans to invest an estimated $1 million in improvements.
Meridian also has completed an extensive renovation of its 69k sf medical office building in Sonoma County at 5900 State Farm Drive in Rohnert Park. The firm has spent more than $5 mil on renovations, which included converting a general office space to an OSHPD III medical space on behalf of its new tenant, Rohnert Park Health Center. Rohnert Park Health Center expects to open at the end of this month and will occupy the entire second floor. Kaiser Permanente occupies the ground floor. Meridian purchased the building in March of 2014.
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