X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Meridian has sold the Cotton Medical Center in Pasadena, California, adjacent to Memorial Hospital. Meridian acquired the property in January 2016 when the buildings were 71% occupied. During its ownership, Meridian performed over $10 million in interior and exterior renovations and brought occupancy up to approximately 86%. The sale price was not disclosed.

The property consists of two freestanding, multi-tenant office buildings totaling 115,000 square feet. The buyer was Healthcare Realty Trust, a publicly traded Real Estate Investment Trust that focuses on owning, managing, acquiring and developing outpatient medical facilities throughout the United States.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

More from this author

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 © 2019 ALM Media Properties, LLC. All Rights Reserved.