Meridian Sews Up $37.5M MOB in Pasadena

Meridian has reportedly acquired Cotton Medical Center, a 115,000-square-foot medical office complex in Pasadena for $37.5-million. It is San Ramon-based Meridian’s largest building acquisition, and the eighth medical office building transaction completed in the last 12 months.

Cotton Medical Center, located near the Huntington Memorial Hospital, is a 2.8-acre complex consisting of a four-story, 52,000-square-foot building at 50 Bellefontaine St. The medical center also boasts a five-story, 63,000-square-foot building, and a parking garage. Meridian plans a $5-million improvement program, aimed at boosting occupancy from 71 percent.

Colliers International’s John Erickson and Brent Weirick represented Meridian. The seller was represented by Kennedy Wilson Brokerage Group’s Fred Cordova, Ryan Eddy and Michael Puleo, along with Charles Dunn’s William Boyd, Linda Lee and Scott Unger.