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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.

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