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Follow on Google News | Meridian Property Co. Acquires 69,000 SF Medical Office Building in Rohnert Park, CalifMeridian Plans to Re-Lease Building to include 35,000 SF Tenant
By: Meridian Property Company The price and terms of the deal were not disclosed, but Meridian's COO John Pollock confirmed that Meridian will be able to provide economical lease rates to future healthcare providers in the area. "The second floor of the building can accommodate a single user that requires approximately 35,000 square feet or up to four users at approximately 7,500 square feet each," said Pollock. The seller was a partnership between local developer PB&J Acquisitions, LLC of Petaluma, Calif., and an institutional investor who acquired the building back in 2012, as part of a 14-building portfolio. Mike Thomason of Keegan & Coppin Company, Inc. of Petaluma represented the buyer and seller in this transaction. According to Pollock, "We saw that there was a need for more medical service providers in the Rohnert Park market. With a population of approximately 41,000, there are only 53 licensed full and part-time doctors registered with the State of California in Rohnert Park, creating a ratio of 1.29 doctors per 1,000 residences, which is far below the national average of 2.4 doctors per 1,000 residences. Furthermore, within a 5-mile radius of the property, there are 58,700 people and within 10 miles, there are 342,000 people." Meridian's purchase of the Rohnert Park medical office building comes on the heels of the company's sale of a 8,400-square- About Meridian A division of Marcus & Millichap Company, San Ramon, Calif. based 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, see mpcca.com (http://www.mpcca.com). End
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