SAN RAMON, CALIF. –- (RealEstateRama) — Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that the firm has retained Cypress West Realty Management of Rancho Santa Margarita, Calif., to manage Meridian’s 115,000-square-foot medical office complex in Pasadena, California. CEO John Pollock, categorizes the new partnership as “a strategic move forward.” He continues, “Having completed the extensive renovation of Cotton Medical Center, we now want to focus on providing our tenants and the community best-in-class management services.” Meridian purchased Cotton Medical Center in January 2016 for $37.5 million.
Cotton Medical Center is located near the Huntington Memorial Hospital, one of Southern California’s strongest hospital providers, and adjacent to the new Shriners Hospitals for Children opening in June. The 2.8-acre Cotton Medical Center office complex consists of a four-story, 52,000-square-foot building at 50 Bellefontaine Street, plus a five-story, 63,000-square-foot building and an adjacent subterranean parking garage on 50 Alessandro Place in Pasadena.
Meridian’s $5 million investment in both the common areas and tenant improvements has been welcomed with enthusiasm from the tenants and the surrounding hospital campuses. With Meridian’s completion of the majority of the capital improvements, the common areas, restrooms, arrival experience and building signage have been greatly enhanced. Cotton Medical Center will also have a new café opening this summer along with a brand-new HVAC. The grounds have been augmented with new landscaping and outdoor furniture.