Meridian Sells Cotton Medical Following Rehab

Meridian has sold the Cotton Medical Center in Pasadena, California, adjacent to Memorial Hospital. Meridian acquired the property in January 2016 when the buildings were 71% occupied. During its ownership, Meridian performed over $10 million in interior and exterior renovations and brought occupancy up to approximately 86%. The sale price was not disclosed.

The property consists of two freestanding, multi-tenant office buildings totaling 115,000 square feet. The buyer was Healthcare Realty Trust, a publicly traded Real Estate Investment Trust that focuses on owning, managing, acquiring and developing outpatient medical facilities throughout the United States.

Angie Weber, Dana Nialis and Kyle Weber of CBRE’s Los Angeles office managed the leasing efforts at the property. Both the buyer and seller were self-represented in the off-market, direct-sale transaction.