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10/12/21
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A newly renovated, 53.6k sf medical office building in Santa Ana was purchased by a large SoCal healthcare provider in a $29.9 mil ($558/sf) transaction. The building, sold by Meridian, is located at 3601 W. Sunflower Ave, within the South Coast Collection (SOCO) market of Orange County, an area undergoing significant revitalization.
“The location of this property is very exciting,” said Meridian Vice President, Acquisitions, R.J. Sommerdyke. “It is located directly across the street from The Press, a new 640k sf creative office project recently leased by technology/defense firm Anduril. The building is also adjacent to The Hive, a large redevelopment project that serves as the headquarters for the Los Angeles Chargers. The opening of The Press will bring thousands of employees to the immediate area within the next couple of years. As a result, we expect the SOCO area to continue evolving and attract future investment.”
Constructed in 2000, the building was originally built as a special use building for a culinary and arts school. Meridian acquired the property in October 2019, and completed an extensive renovation which converted the building into a Class A medical office building. Meridian’s renovation work included updating the common areas, landscaping and major mechanical systems in order to fully convert the space to medical office. The end result is a state-of-the-art healthcare facility that will provide the community with access to services that will greatly enhance the lives of countless individuals for years to come.
Justin Hodgdon, John Scruggs, David Kluth and Mai Hu with Newmark represented the buyer in the deal. Meridian, which currently owns and manages healthcare properties throughout the western United States, was self-represented in the transaction.
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