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1/21/22
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Meridian has completed the conversion of a 114.2k sf, four-story Class A office building in Irvine into a 100% Class A medical office building. The building is situated on 4.8 acres at 114 Pacifica Ct, bordered by the Interstate Highways 405, 5 and 133 within the Irvine Spectrum.
Meridian acquired the building in September 2020 and then hired Snyder Langston and Choate Architects as design-builder of the parking structure, with Boulder Architects designing the interior improvements. The building has also been rebranded as Pacifica Medical Plaza.
“This was a very speculative project, but all of the fundamentals were in place to give us confidence in our business plan,” said Meridian Vice President, Acquisitions, R.J. Sommerdyke. “In addition to being one of the fastest-growing cities in the state, Irvine has one of the tightest medical office markets in Southern California with extremely high barriers to entry.”
The property is centrally located to what is quickly becoming a medical hub in Orange County. City of Hope’s $1 bil Cancer Center is slated to open this year and Hoag Hospital recently announced a $1 bil expansion project at its Irvine Hospital, which will double the size of that campus. Both projects are within 1.5 miles of Pacifica Medical Plaza,” reports Sommerdyke.
“We have secured multiple leases to medical tenants and are in the process of negotiating several more leases, which will account for roughly 50% of the building,” noted Sommerdyke. “Several tenant build-outs are already underway and first move-ins for medical tenants are expected to occur in April of this year.”
The building is being marketed by John Wadsworth, Senior Vice President, and Aaron Phillips, First Vice President, both based in Colliers’ Irvine office.
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