Meridian executives say they see the firm’s $37.5 million acquisition of the two-building, 115,000 square foot Cotton Medical Center complex in Pasadena, Calif., as a value add opportunity. The property was 71 percent leased at the time of the sale. Photo courtesy of Meridian
Two-building Pasadena, Calif., complex is the firm’s biggest purchase so far
By Murray W. Wolf
Meridian Property Co. recently closed on the $37.5 million acquisition of the 115,000 square foot Cotton Medical Center complex in Pasadena, Calif. It was the San Ramon, Calif.-based healthcare real estate developer-owner’s largest acquisition to date and its eighth medical office building (MOB) transaction during the past 12 months.
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