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California  + Los Angeles  + Office  | 

Healthcare Realty Trust Claims Cotton Medical Center in Pasadena

San Ramon, CA-based Meridian divested Cotton Medical Center, two freestanding, multi-tenant office buildings in Pasadena totaling 115,000 square feet to Healthcare Realty Trust. The sales price was undisclosed.

The MOBs are located at 50 Bellefontaine St. and 50 Alessandro Pl., adjacent to Huntington Memorial Hospital. Meridian acquired the asset in January 2016, performed more than $10 million in interior and exterior renovations, and brought occupancy up to roughly 86% from 71%.

Meridian’s R.J. Sommerdyke says, “This was Meridian’s largest acquisition at the time and provided an opportunity to acquire a fee-simple interest in a fundamentally strong market in Southern California.”

Updates included new wayfinding signage, common areas elevators, fire sprinklers, performing Title 24 and ADA upgrades, new automated parking equipment, a new Café, electric car charging stations, and high efficiency BMS, HVAC, and lighting systems.

Both the buyer and seller were self-represented in the off-market, direct-sale transaction.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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