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Follow on Google News | Meridian Sells 104,000 SF Office Building in San Mateo County for $39.5MBy: Meridian Meridian acquired the six-story building, which was built in 1983 on four and one-half acres, in December of 2016. At the time of the acquisition, the building was 92% leased to seven tenants and the in-place rents were approximately 25% below the current market rents. During its ownership, Meridian performed over $2.5 million in property upgrades to the interiors, exteriors and building systems of the building. According to Meridian's Senior Vice President, John Moutsanas, "This was Meridian's largest general office acquisition at the time. We were big believers in the resurgence of the North San Mateo County market, particularly due to the explosion in life science demand, coupled with YouTube's large presence and expanding footprint in San Bruno. Our strategy proved out." Moutsanas continues, "We had certainly planned to hold the building longer and roll our own rents to the increasing market, but our brokers did a great job of alerting us to an opportunity to sell the property to a more life science-centric developer who would be well-suited to reposition the building -- which is what they did. Phase 3 Real Estate Partners was wonderful to work with; they were responsive and really knew their business. Their development of the Genesis Towers just down the 101 from this building gave them the insight to sharpen their pencils and make a quick decision." CBRE's Northern California Capital Markets team represented both the buyer and the seller in the transaction. "Meridian has a healthy pipeline with multiple projects currently in escrow and several completed projects listed for sale in our healthcare business platform," said John Pollock, Meridian's CEO. "With approximately 500,000 square feet currently in development/ About Meridian 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 1999. 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. Meridian is a division of Marcus & Millichap Company. For more information, see www.mpcca.com. End
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