Meridian Divests Dialysis Clinic in Oakland
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San Ramon, CA-based Meridian sold a 12,754-square-foot dialysis clinic in Oakland for $15.7 million. The transaction works out to a more than $1,230-per-square-foot price, or a cap rate of 5.1%.
The Kase Group represented the buyer, a Fremont, CA-based family office in a 1031 exchange looking to invest in an iconic location that gave them access to the healthcare market. Cushman and Wakefield’s Chris Sheldon represented the seller.
The outpatient dialysis clinic is located at 4242 Broadway, in the North Oakland neighborhood near Kaiser Permanente and Sutter Hospitals on Pill Hill. The site is also close to the MacArthur BART station, Interstate 580, Highway 24 and retail services.
Meridian acquired four lots to create a 19,600-square-foot parcel for ground-up construction of the new, state-of-the-art outpatient healthcare clinic. It required vacating and demolishing three different buildings, while maintaining the structural integrity of a large retaining wall built into the rear of the buildings.
For comments, questions or concerns, please contact Dennis Kaiser