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10/22/15
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Meridian has acquired a 19.2k sf, medical office building in Oakland for $6 mil ($312/sf) in an off-market transaction. The building, located at 380 W. MacArthur Blvd, west of Broadway and north of I-580, was sold by BIC Oakland LLC of Kentfield, CA.
Built in 1977, the two-story building sits on 1.07 acres and was completely vacant at the time of the sale. The building is located one block from Kaiser Permanente Oakland Medical Center and just four blocks from Sutter Health’s Alta Bates Summit Medical Center.
Meridian plans to invest an estimated $2.2 mil into the building. The renovation plans include making a variety of upgrades to the facade, completing all necessary ADA work, and upgrading the utilities and water lines to enable a medical tenant to begin their user specific improvements once the shell is ready.
The company also intends to increase the building’s footprint to 20.5k sf in order to create a new lobby with a brand new elevator. The building renovation is expected to start in the fall of 2015, once all necessary permits and approvals are in place.
"It is a great location with tons of parking," said Meridian’s Acquisition Manager Joseph Crist. "We know that there will be a significant amount of renovation, but we are excited at the opportunity to be located so close to Kaiser’s new Oakland hospital and Sutter Health’s Alta Bates Summit Medical Center. The finished product will provide a unique opportunity for a medium-sized medical user to occupy their own building so close to these huge campuses.”
According to Sonny O’Drobinak of Transwestern, the building's exclusive leasing agent, “The market for this size of contiguous freestanding space, with this kind of parking, is non-existent in Oakland. We are currently talking to multiple medical users who are interested in taking over the completed building.”
Meridian is a full-service real estate developer and owner of medical real estate. This transaction marks Meridian’s first value-add medical office acquisition in the Oakland submarket, and brings the firm’s development and acquisition total to more than 1.3 msf. In other NoCal acquisitions from earlier in the year, they purchased The Atrium at 5776 Stoneridge Mall in Pleasanton, and 2920 Telegraph Avenue in Berkeley.
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