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.”
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