Converted SOCO MOB Finds Buyer at $30M

Meridian recently closed escrow on the sale of its newly renovated 53,574-square-foot medical office building in Santa Ana, CA, to a Southern California healthcare provider. The purchase price was $29.9 million.

The building is located at 3601 W. Sunflower Ave. within the South Coast Collection (SOCO) market of Orange County, an area undergoing significant revitalization.

“It is located directly across the street from The Press, a new 640,000-square-foot creative office project recently leased by technology/defense firm Anduril,” said R.J. Sommerdyke, Meridian vice president, acquisitions. “The building is also adjacent to The Hive, a large redevelopment project that serves as the headquarters for the Los Angeles Chargers. The opening of The Press will bring thousands of employees to the immediate area within the next couple of years. As a result, we expect the SOCO area to continue evolving and attract future investment.”

Constructed in 2000, the building was originally built as a special use building for a culinary and arts school.

“Meridian acquired the property in October 2019 and completed an extensive renovation, which converted the building into a class-A medical office building,” said Sommerdyke. “Our renovation included updating the common areas, landscaping and major mechanical systems in order to fully convert the space to medical office.”

The unidentified buyer was represented by brokers from Newmark’s Justin Hodgdon, John Scruggs, David Kluth and Mai Hu. Meridian was self-represented in the transaction.