Meridian is buildinga strategy focused on medical office conversion projects with agoal of bringing more quality healthcare to a supply-constrainedmarket. The healthcare investor and developer has acquired atwo-story, 53,500-square-foot building in Orange County for $20.4million, GlobeSt.com learns exclusively. Meridian plans to investan additional $5 million into the building to properly transitionit into medical office.

"Meridian identified the property on the first day it came tomarket and became involved in a competitive bidding situation withmultiple other users and investors," R.J.Sommerdyke, VP of acquisitions at Meridian, tellsGlobeSt.com. "Ultimately, we were able to win the deal byleveraging our reputation and track record, which gave the sellerconfidence in our ability to close quickly."

The project is exemplary of Meridian's current acquisitionstrategy. The property is 100% vacant and located on a 4.8-acreparcel adjacent to new retail and office developments. "I amexcited about this project because it exemplifies Meridian'smission to deliver functional spaces in convenient locations thatprovide a fantastic patient experience, all while providing theuser with a competitive cost of occupancy," says Sommerdyke. "Weare thrilled to have already signed a major tenant in this project.The services they provide will enhance the lives of countlessindividuals and will be a major benefit to the entire communitythat it's serving, which aligns so well with Meridian'svalues."