Meridian Sells Concord MOB for $31 Million

San Ramon, CA-based medical office specialist Meridian has completed the sale of Sutter Square, a 174,689-square-foot, nine-story office building located at 1800 Sutter St. near downtown Concord, CA, to a joint venture of Barker Pacific Group and Iron Point Partners for $31 million.

Meridian acquired the property in August 2017, when the building was 78% occupied. During its ownership, Meridian invested over $4 million in interior renovations and brought occupancy up to nearly 90%. Colliers International handles leasing for the building.

According to Meridian’s Senior Vice President, Dan Rosenbaum, “Below-market rent and occupancy provided an opportunity for Meridian to purchase this asset as part of our value-add office investment strategy. We made significant improvements to the property, and the Sutter Square project allowed us to use our creativity and client-focused real estate strategy to provide value to the developing environment of downtown Concord.”

https://www.connect.media/meridian-sells-concord-mob-for-31-million/