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11/19/19
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An unnamed private investor from Northern California paid $7.5 mil for a 13.6k sf ($551/sf), dialysis clinic in Stockton. The transaction closed at a cap rate of 5.15%.
The outpatient clinic is located at 7500 West Lane and is positioned directly across the street from Kaiser Permanente’s Stockton medical offices and within a five-minute walk to restaurants and retail amenities including Costco. It was sold by Meridian, a full-service real estate developer and owner of medical real estate.
In April 2018, Meridian acquired a 7.5k sf building sitting on 2.06 acres to build the Stockton dialysis clinic. At the time, the deal represented the 16th outpatient clinic that Meridian had developed over the last five years.
“In order to build the larger, state-of-the-art facility, we needed to demolish the outdated building,” said Mike Conn, Meridian Executive Vice President. “Through a coordinated team effort with our client, design and construction team and the city, we were able to construct the OSHPD 3 clinic turn-key in less than 10 months.”
Meridian’s project architect was Harriman Kinyon Architects of Walnut Creek, California. Kier and Wright of Livermore, California was the civil engineer and the general contractor was H2 Builders of Napa, California.
The buyer was represented by Paul Beckwith of Cushman & Wakefield. Meridian was repped by Chris Sheldon, also with Cushman & Wakefield.
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