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October 22, 2019
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LOS ANGELES COUNTY NEWS
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Long Beach Dialysis Clinic Trades for $8.4 Mil

4/23/19

A private investor based in Berkeley paid $8.42 mil for a dialysis clinic in downtown Long Beach. The outpatient clinic, located at 1090 Atlantic Ave, at the signalized intersection of Atlantic and East 11th St, was sold by Meridian.

The building sits campus adjacent and directly across the street from Dignity Health’s St. Mary’s Medical Center, a 389-bed Level II Trauma Center, and south of a 7k sf medical office building with independent users and a pharmacy.

In January 2018, Meridian acquired three existing buildings on an assemblage of five parcels totaling 29k sf in an off-market transaction to build the Long Beach dialysis clinic. At the time, there were over 1,000 residential units and 700k sf of commercial space either in the planning phases or under construction in the area.

“Due to the increase in multi-family development and the population surge in the area, we felt this downtown location was a perfect opportunity for our client to operate an outpatient facility that would provide a life-saving treatment to the growing community,” said Mike Conn, Meridian Executive Vice President.

“The development of the new clinic required creative adaptive reuse of an existing structure to meet city requirements,” Conn said. “However, through a coordinated team effort with our client, vendors, and the city, we were able to construct the OSHPD 3 clinic turn-key in less than eight months. Everyone was very pleased with the results.”

Meridian’s project architect was Twinsteps. Kier and Wright was the civil engineer, and the general contractor was AGI Inc.

The buyer was represented by Rahul Chhajed and Michael Moreno of Matthews Real Estate Investment Services in Costa Mesa. Meridian was self-represented. The sale closed at a cap rate of 5.0 percent





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