Meridian Buys Historic Grunow Memorial Medical Center in Phoenix

Purchase Represents Meridian’s First Major Transaction Outside of California

PHOENIX, Ariz. – (RealEstateRama) — Meridian, a full-service commercial real estate developer based in California, is pleased to announce the purchase of Grunow Memorial Medical Center, a landmark 51,150-square-foot two-story medical office building located at 926 East McDowell Road in Phoenix, Arizona. The seller was PacVentures, a real estate investment firm based in San Diego, California. Meridian paid nearly $5 million for the 40 percent leased building located near Banner Health University Medical Center’s Phoenix Campus and Phoenix Children’s Hospital. The acquisition of Grunow Memorial Medical Center represents Meridian’s first major transaction outside of California.

“This acquisition is an example of how Meridian is leveraging its medical expertise to expand into new markets,” said Meridian’s Senior Vice President Mike Conn. “The iconic Grunow Memorial Medical Center gives us a solid value-add opportunity in the Phoenix market where we can improve the property, increase occupancy, and update second generation medical space for tenants that have specific needs.”

Grunow Medical Center

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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. Meridian is a HREI Insights Awards™ 2013 Finalist in the category of Best New Medical Office Buildings and Other Outpatient Facilities (Less than 25,000 square feet).

Contact:

Phone 925-302-1400
Fax925-401-0220

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