69,000 SF Medical Office Building in Rohnert Park Wins Best Renovated Healthcare Facility
SAN RAMON, CALIF. – December 04, 2015 – (RealEstateRama) — Meridian, a full service real estate developer and owner of medical real estate, is pleased to announce that the firm’s 69,000-square-foot medical office building located at 5900 State Farm Drive in Rohnert Park, Calif. has received the prestigious 2015 HREI Insights Award in the category of “Best Renovated or Repurposed Healthcare Facility.” Located in Sonoma County, Meridian converted the 50% vacant building into a fully-occupied state-of-the-art facility, which recently sold for $21.5 million. Sponsored by Healthcare Real Estate Insights magazine, the HREI Insights Awards program is the only national award program totally dedicated to recognizing excellence in the areas of healthcare real estate (HRE) development and executive leadership.
When Meridian first acquired the two-story building in Rohnert Park, the ground floor was occupied by Kaiser Permanente, while the second floor, which was previously occupied by an office tenant, had been vacant for over a year. In eight months and at a cost of over $6 million dollars in tenant improvements, Meridian was able to help satisfy this city’s medically-underserved population by converting the entire second floor to a fully-operational medical office building, while not interfering with the operations of Kaiser downstairs. The entire second floor was subsequently leased by Petaluma Health Center (PHC), and they, along with their patients and Meridian, celebrated the achievement with the grand opening of Rohnert Park Health Center in a ribbon cutting ceremony on August 12, 2015. In early November 2015, Meridian sold the building for $21.5 million to a private investor based in San Mateo, Calif.
“We are thrilled and honored to receive this highly-coveted award,” said Meridian COO John Pollock. “We have a great team and clients that we work closely with and we care about the residents that our clinics serve. We will continue to strive for excellence as we look for well-located suburban and urban medical and general office value-add opportunities in urban and suburban markets throughout California.”
Meridian’s 8,600-square-foot single-story medical clinic in Mountain View, Calif. was selected as a finalist in the HREI Insights Awards program in the category of “Best New Medical Office Buildings under 25,000 square feet.” With Mountain View being home to some of the country’s largest tech companies and the subsequent explosive real estate growth that came along with it, simply finding a suitable building site was an immense challenge, said Pollock.
“After a diligent search, we were able to find a small parcel to develop on El Camino Real, the only major thoroughfare in the city of Mountain View. That’s when the real work began as Meridian carefully coordinated the project with Public Works, Cal-Trans and the adjacent neighbors to deliver the project ahead of schedule and under budget. The state-of-the-art DaVita dialysis clinic was delivered in September 2015 and has the capacity to treat up to 144 patients per week,” Pollock added.
A division of Marcus & Millichap Company, San Ramon, Calif. based Meridian Property Company is a full-service real estate developer having completed over one million square feet of innovative and integrated commercial office, primarily medical, since its inception in 2000. Meridian’s services are broad in scope but meticulous in detail — from site evaluation and land acquisition to entitlement and planning to construction and management. For more information, see mpcca.com.