More than 1.3 million SF of Medical/Office Space in Development or Recently Completed
SAN RAMON, CALIF. – August 3, 2015 – (RealEstateRama) — Meridian, a full service real estate developer and owner of medical real estate, is pleased to announce that it has completed construction of a 10,652-square-foot medical clinic located on a 17,000-square-foot site in Marin County at 1415 Third Street in San Rafael, California. This was a ground-up urban infill development project that began with full demolition of the original existing building. DaVita Healthcare Partners will occupy the entire building.
“Meridian’s goal was to bring a beautiful outpatient medical clinic to an urban setting, and we are thrilled to have accomplished this,” said Meridian COO John Pollock. “Sitting on a small, odd-shaped parcel with difficult topography, this development project provided quite a few challenges for Meridian, forcing the development team to get very creative.”
Since the site couldn’t support a 4/1000 parking ratio, Meridian decided to purchase the neighboring historic Victorian triplex. “We purchased the adjoining property and reverted the triplex into a single-family home, which we were able to quickly sell, and changed the lot line to provide the additional land for our medical/office building parking,” Pollock said.
“There is a big push by medical providers to have locations with access that is convenient for their patients and offer visibility to help them gain market share. However, urban infill locations often require creative solutions, complex construction and careful navigation around the entitlement process. The San Rafael building is a great example of what can be achieved with some out-of-the-box thinking,” Pollock said.
Over the past 12 months Meridian has completed transactions totaling 400,000 square feet (including acquisitions, leases and/or dispositions), with another 250,000 square feet in the pipeline. In Berkeley, Meridian is investing an estimated $2.6 million into a building it acquired in late February 2015. Meridian’s Berkeley property, a 15,915-square-foot medical office building located at 2920 Telegraph Avenue in Berkeley, Calif., recently received City approval to continue as a medical facility. The hazardous material abatement and interior demolition have been completed and construction on the exterior upgrades is expected to commence in August. “We have had lots of interest in the property and anticipate a Letter of Intent from a large medical user in the near future,” said Pollock. “This building offers an amazing location along Telegraph Avenue with ample onsite parking, convenient access to public transportation, and is within two blocks of Sutter Health’s Alta Bates Summit Medical Center.”
In Pleasanton, Meridian is renovating a building it purchased at the end of January 2015, The Atrium, a fully-occupied 74,000-square-foot professional office building at 5776 Stoneridge Mall in Pleasanton, Calif. Renovations and upgrades are underway. Meridian plans to invest an estimated $1 million in improvements.
Meridian has completed an extensive renovation of its 69,000-square-foot medical office building in Sonoma County at 5900 State Farm Drive in Rohnert Park, Calif. The firm has spent more than $5 million on renovations, which included converting a general office space to an OSHPD III medical space on behalf of its new tenant, Rohnert Park Health Center. Rohnert Park Health Center expects to open at the end of this month and will occupy the entire second floor. Kaiser Permanente occupies the ground floor. Meridian purchased the building in March of 2014.
A division of Marcus & Millichap Company, San Ramon, Calif. based Meridian 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.