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Meridian Completes South Bay MOB Renovation
San Ramon, CA-based Meridian completed the $2.5-million renovation of a 26,000-square-foot multi-tenant medical office building in Torrance, CA. Meridian acquired the building in December 2018, when it was 100% vacant. Subsequently, the firm secured a lease with a prominent outpatient radiology/imaging tenant for more than half of the building, before waiving contingencies.
Meridian’s R.J. Sommerdyke says, “The property was being marketed as a redevelopment opportunity due to the vacancy, building age and location. Given our comprehensive experience in medical office, we were excited to jump on this opportunity as part of our value-add business strategy.”
Located at 3531 Fashion Way, the 1961-era property sits directly across the street from the Del Amo Fashion Center, which recently completed a $300-million modernization. The MOB also benefits from proximity to two major hospitals, including the 436-bed Providence Little Company of Mary Medical Center, and the 401-bed Torrance Memorial Medical Center.
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