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LOS ANGELES—Meridian has purchased the Cotton Medical Center in Pasadena for $37.5 million, marking one of its largest acquisitions in more than a decade and its largest Los Angeles investment to date, and marks the investor’s entry into the Southern California market. Meridian plans to spend an additional $5 million to upgrade the 115,000-square-foot medical office property, making the total capitalization of this investment $50 million.

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