Meridian's Largest Acquisition in a Year

LOS ANGELES—Meridian has purchased the Cotton Medical Center in Pasadena for $37.5 million, marking one of its largest acquisitions in more than a decade and its largest Los Angeles investment to date, and marks the investor’s entry into the Southern California market. Meridian plans to spend an additional $5 million to upgrade the 115,000-square-foot medical office property, making the total capitalization of this investment $50 million.

The buildings are right in our wheelhouse. They are well located, quality buildings that need some attention to make them competitive and relevant to healthcare providers in today’s dynamic market place,” John Pollock, Meridian’s COO, tells GlobeSt.com. “This acquisition provided us with an opportunity to acquire a fee-simple interest in a fundamentally strong market in Southern California, adjacent to a great hospital, Huntington Memorial and another one under construction, Shriners Hospitals for Children. Also, its proximity to Old Town Pasadena, LA Metro’s Fillmore Station and convenient access to the 110, 210 and 134 freeways were important.