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July 25, 2024
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Investor Pays $588/sf for NoCal Dialysis Clinic


A 1031 exchange investor purchased a newly constructed, 11.4k sf outpatient dialysis clinic in Watsonville, CA for $6.7 mil ($588/sf). The deal had a closing cap rate of 5.15%.

The outpatient clinic is located at 5 Nielson Street Rd and is campus-adjacent to the Watsonville Community Hospital and less than a mile from the Watsonville Airport. It was sold by Meridian.

Meridian acquired the site in February 2020. The purchase was an infill assemblage of two parcels totaling 1.15-acres on which they built the Watsonville dialysis clinic.

“We had been working on finding a suitable site near the hospital dating back to 2015,” said Mike Conn, Chief Development Officer at Meridian. “We determined there was a need in the community for patients and family members who were traveling long distances to get this life-saving treatment. Once we identified the perfect site, we partnered with our seller and the City of Watsonville to make the vision a reality. This type of project fits within our mission and vision to provide better access to care at a more affordable cost across the continuum of care. The project was built turn-key to OSHPD3 standards in less than eight months through a real team effort.”

The architect was Harriman Kinyon Architects, out of Walnut Creek. Kier and Wright of Livermore was the civil engineer, and the general contractor was AGI General Contracting, from Stanton.

The buyer was was looking to diversify their portfolio into healthcare with a single-tenant leased investment. Meridian and the private buyer were both represented by Chris Sheldon with Cushman & Wakefield. Meridian also recently acquired a 185k sf medical building in Tucson, AZ and currently owns and manages healthcare properties throughout the western United States.

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