In 2017, Meridian acquired The Laguna, a medical office building located at 24022 Calle de la Plata on the Memorial Care Saddleback Medical Center campus in Laguna Hills. During its ownership, Meridian invested more than $2 million into the circa-1983 property and brought it up to class-A standards.

Fast forward to 2021 when Meridian recently sold the 57,573-square-foot medical office building. The buyer was a publicly traded REIT that focuses on owning, managing, acquiring and developing U.S. outpatient medical facilities. The sale price was not disclosed.

“The Laguna represented a rare opportunity to acquire a fee-simple interest in a medical office building located on campus to one of the premier hospitals in Orange County,” said R.J. Sommerdyke, Meridian’s vice president of acquisitions. “The Laguna Hills submarket has exceptional demographics. Approximately 50 percent of the population within a one-mile radius of the property is 65 or older, which is the demographic that accounts for the highest per-capita healthcare spending.”