Search
 

Appetite for Value Leads Investor to Buy, Improve and Sell Quickly

PLEASANTON, CA—With more than 150,000 square feet currently in development/redevelopment and another 500,000 square feet in the pipeline, Meridian is still aggressively pursuing more value-add general and medical office opportunities throughout California.

The Atrium The Atrium was purchased, improved and sold in less than two years.

PLEASANTON, CA—Meridian acquired The Atrium located at 5776 Stoneridge Mall Rd. in January of 2015. At the time of the acquisition, the building was 100% leased to more than 50 tenants. The rents in the building averaged approximately 25% below the current market rents at that time. During its ownership, Meridian renewed or replaced approximately 60% of the tenants in the building.

In addition, Meridian made more than $1 million in capital improvements to the building. Meridian has recently closed escrow on this 74,000-square-foot multi-tenant office building for $15.5 million, representing a cap rate of slightly less than 7%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

More from this author

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.