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December 10, 2017
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SOUTHERN CALIFORNIA NEWS
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OC Medical Office Property Trades Hands

10/25/17

Meridian has purchased The Laguna, a 57.1k sf, medical office building in the OC city of Laguna Hills. Situated on 0.75 acres at 24022 Calle de la Plata, just west of I-5 off El Toro Rd, the building is on the campus of and adjacent to Saddleback Memorial Hospital – a 325-bed hospital recently designated by Healthgrades as one of the top 50 hospitals in America.

Although a deal price was not disclosed, an industry pro we spoke to noted that The Laguna previously sold in 2007 for $17.4 mil to Greenlaw Partners and estimates the current value of the property to be somewhere in the neighborhood of $20 mil, or around $350/sf.

The five-story property is located across the street from the former Laguna Hills Mall, which is being redeveloped into an indoor-outdoor retail center and urban village called Five Lagunas, and adjacent to the Laguna Woods Village, one of the largest 55+ communities in Southern California.

At the time of sale, The Laguna was 74% occupied. Some of the larger tenants at The Laguna include Simon Medical Imaging, South Coast Eye Care Center and Pacific Cardiovascular Associates.

This acquisition expands Meridian’s footprint in Southern California, coming on the heels of last year’s purchase of Cotton Medical Center, a 115k sf, $49 mil medical office complex in Pasadena, adjacent to the recently completed Shriners Hospitals for Children and near the Huntington Memorial Hospital.

“This acquisition presented us with a rare opportunity to purchase a medical office asset located on-campus to one of the premier hospitals in Orange County,” said John Pollock, Meridian CEO. “The South Orange County submarket has exceptional demographics. Approximately 50 percent of the population within a one-mile radius of the property is 65 or older, which accounts for the highest per capita healthcare spending. We’re looking forward to providing the community with a comfortable and inviting medical space that they can get to quickly and easily.”

Meridian plans to invest over $24 mil into the property by the time it is fully leased. According to Meridian’s Senior Acquisition Manager, R.J. Sommerdyke, the property will undergo a significant renovation to fully modernize the building, which was built in 1983, and bring it up to Class-A standards.

“Renovations will include aesthetic upgrades to the common areas including the lobby, hallways, and restrooms. Upgraded building systems such as HVAC and lighting will improve building efficiency, and safety standards will also be modernized by adding fire sprinklers throughout the entire building as well as making various other ADA upgrades,” said Sommerdyke. Meridian plans to complete renovations within the next 12 months.

John Wadsworth and Aaron Phillips wth Colliers International represented the seller in the transaction, while Meridian represented itself.





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