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9/07/18
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A Fremont-based investment entity has acquired a 12.8k sf dialysis clinic in Oakland in a $15.7 mil ($1,230/sf) transaction. The property was sold by Meridian in a deal that closed at a cap rate of 5.1%.
The outpatient dialysis clinic is located at 4242 Broadway in Alameda County, in the North Oakland neighborhood in a busy corridor near Kaiser Permanente and Sutter Hospitals on Pill Hill. The site is also positioned within proximity to the MacArthur BART station, I-580 Fwy, Hwy 24 and adjacent to a variety of retail services.
In 2013, Meridian acquired four lots to create a 19.6k sf parcel for ground-up construction of the new, state-of-the-art outpatient healthcare clinic. The site required Meridian to vacate and demolish three different buildings while maintaining the structural integrity of a large retaining wall built into the rear of the buildings.
According to Meridian’s CEO John Pollock, “Having a visible outpatient facility that also provides easy access and convenience for patients and staff has been a growing trend for systems and healthcare providers. Patients often have difficulty navigating the large and often confusing hospital campuses, entrances and large parking garages. It is all about the patient experience. Meridian has seen this trend over the past few years given the cost advantage and convenience factor of providing services in an outpatient setting as opposed to a higher acuity, higher cost hospital.”
Chris Sheldon of Cushman and Wakefield represented Meridian in the transaction. The buyer was a family office investor in a 1031 exchange that was looking to invest in an iconic location with access to the healthcare market. The buyer was repped by Bay Area-based The Kase Group. This is Meridian’s fifth transaction in 2018, having acquired four new buildings earlier this year and selling its 104k sf, multi-tenant office building in Brisbane in June.
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