Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the company has closed escrow on the sale of its 13,600-square-foot dialysis clinic in Stockton, California. The purchase price was $7.5 million, representing a cap rate of 5.15%.

The outpatient clinic is located at 7500 West Lane and is positioned directly across the street from Kaiser Permanente’s Stockton medical offices and within a five-minute walk to restaurants and retail amenities including Costco.

In April 2018, Meridian acquired a 7,500-square-foot building sitting on 2.06-acres to build the Stockton dialysis clinic. At the time, the deal represented the 16^th outpatient clinic that Meridian had developed over the last five years. “We persevered for over 15 months to bring this deal to a close because of our confidence that this would be an ideal location to serve patients in the community. Ultimately, it was our ability to structure a deal that worked well for us as well as the existing landowner, which led to the successful transaction,” said Mike Conn, Meridian Executive Vice President.

The buyer was a private investor from Northern California and was represented by Paul Beckwith of Cushman & Wakefield in Oakland, California in the sale. Meridian was represented by Chris Sheldon of Cushman & Wakefield in San Francisco in the sale.

“This transaction was unique in that it took 17 days from receipt of the initial letter of intent to closing escrow. Our hats off to our asset management team, in-house legal team and our lender, Bank of the West, who worked quickly to pull together the due diligence and required closing documentation,” said Conn.

Meridian recently purchased a 53,500-square-foot building in Orange County, California for a medical office conversion and currently owns and manages healthcare properties throughout the western United States. According to Conn, Meridian is aggressively pursuing acquisitions and developments throughout California, the Southwest and the Pacific Northwest.

For more information, see www.mpcca.com.