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10/25/24
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Meridian recently acquired a vacant 94.6k sf medical building in Tucson, AZ in an $8.05 mil ($85/sf) transaction. The building sits on a 9.27-acre parcel at 4888 N. Stone Ave.
The property will be fully occupied by El Rio Health, a Federally Qualified Health Center (FQHC) that has provided comprehensive, accessible, and affordable healthcare to the Tucson community for 54 years.
Meridian plans to invest significant capital into renovations and upgrades to the property. The former inpatient cardiovascular hospital, which has been vacant for 15 years, will be converted into a state-of-the-art health center. In addition, Meridian will install Class A, custom tenant improvements that are fully designed to meet El Rio Health’s service line needs. Construction is estimated to begin later this month, with completion anticipated in early 2026.
The central utility plant has not been functional for many years, so Meridian will decommission the outdated equipment and install new systems tailored to El Rio Health’s specific needs. The building will also feature a new parking lot to provide five spaces for every 1k sf, plus new water-efficient landscaping. Additionally, it will receive a new roof, HVAC units, boilers, and fire sprinkler system. The interior will be completely demolished to a cold shell, allowing for an entirely new code-compliant, energy-efficient facility designed to maximize patient experience and throughput. This revitalization will provide El Rio Health with a modern, functional, and patient-centric environment that enhances both care delivery and operational efficiency.
Rick Kleiner of Cushman & Wakefield | PICOR represented Meridian on the acquisition and El Rio Health on the lease. Vince Femiano and Kate Morris of Transwestern represented the seller, an affiliate of Tenet Health, in the sale.
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