Oakland and Palmdale MOBs Earn Finalist Status in National Award Competition
SAN RAMON, CALIF. – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that two of its projects have been selected as finalists in the 2016 HREI Insights Awards competition in the “Best New Medical Office Buildings Under 25,000 Square Feet” and “Best Renovated or Repurposed Healthcare Facility” categories. Healthcare Real Estate Insights (HREI) is a national magazine that covers health care real estate development, financing, and investment. The nominations are part of the third annual HREI Insights Awards, the only national awards dedicated to recognizing excellence in the areas of healthcare real estate development.
Meridian’s 13,750-square-foot single-story medical clinic located at 38454 5th Street in Palmdale, Calif., was selected in the category of Best New Medical Office Buildings Under 25,000 Square Feet. Meridian acquired a substantially vacant five-building development in Palmdale after having sold out its nearby 73,000-square-foot medical office campus development. Meridian was aware of additional medical demand in the market and was able to purchase the complex, which included excess land, at below-replacement cost in 2010 from the lender who had repossessed the project during the downturn. Meridian held on to the excess land, which was in close proximity to the new Palmdale Regional Medical Center. In the summer of 2014, one of the firm’s clients approached Meridian with a requirement in the Palmdale submarket and because of a competitive threat, speed to market was of utmost importance to the client. Meridian fast-tracked the project’s timeline and delivered the ground-up OSHPD 3 clinic turn-key in seven months, despite having to build through the winter months. This expedited schedule allowed the provider to open for patient treatment ahead of their competitor, who struggled through the permitting process and tenant improvement buildout.
Meridian’s 20,600-square-foot two-story medical office building located at 380 W. MacArthur Blvd. in Oakland, Calif., was selected in the category of Best Renovated or Repurposed Healthcare Facility. Meridian sourced this former AAA office building; negotiated an elongated due-diligence period to create a design plan for medical use and secure targeted tenants. Upon purchase, the building was designed to accommodate up to two tenants. Approximately 1,400 square feet was added to the rear of the building with a gurney-sized elevator and lobbies to solve accessibility and access issues. Due to liquefaction issues, 30’ deep caissons were drilled to support the new building structure. Meridian also upgraded the building to new 1,200 AMP electrical service, abated all hazardous materials, added a new ADA path of travel and parking lot, fire sprinklers, new roof, landscaping, front canopies, and storm drainage system. The project included obtaining a Conditional Use Permit for medical and convincing the city to allow the rear portion of the site, which was zoned for mixed-use residential, to be used for parking. Furthermore, the building was listed as a historical building due to its extensive brick façade and plaza, which placed limitations and created challenges for altering the building.
“We are grateful to have these two properties recognized by HREI Insights Awards judges,” said John Pollock, Meridian COO. “We are very proud of our high standard of excellence and how these properties highlight Meridian’s ability to solve complex problems quickly and deliver a high-quality facility to our nation’s leading healthcare providers.”
The winners of HREI Insights Awards will be announced at an awards ceremony at the RealShare Healthcare Real Estate Conference in Scottsdale, Ariz., on December 7, 2016.
A division of Marcus & Millichap Company, with offices in San Ramon and Irvine, Calif., Meridian Property Company is a full-service real estate developer having completed over one million square feet of innovative and integrated commercial office, primarily medical, since its inception in 2000. Meridian’s services are broad in scope, but meticulous in detail — from site evaluation and land acquisition to entitlement and planning to construction and management. For more information, seempcca.com.