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
- ◦Sale/Acquisition