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.

Angie Weber, Dana Nialis and Kyle Weber of CBRE's Los Angeles office managed the leasing efforts at the property. Both the buyer and seller were self-represented in the off-market, direct-sale transaction.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.