MERIDIAN HAS HIGH HOPES FOR SELLING MED BUILDINGS IN PALMDALE, CALIF.
By John Mugford
A new owner is re-branding the former Challenger Business Park, which has
been virtually vacant for more than two years, as a medical office complex with buildings for sale in Palmdale, Calif. Meridian Property Co. is bullish about its chances to sell out the buildings, which are located close to the new Palmdale Regional Medical Center.
Photo courtesy of Meridian Property Co.
As a victim of the gung-ho medical office building (MOB) development spree that took place prior to the Great Recession, a 34,300 square foot speculative project marketed heavily to doctors has sat virtually vacant in Palmdale, Calif., since it was completed in 2008.
In addition to being stung by the economic downturn, a significant market correction (reduction) in rents, and a host of changes in the healthcare industry, the Challenger Business Park’s chances for success were also dashed by a two-year delay in the opening of a new replacement hospital just a block or so away.
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