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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 Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition