Meridian Sells 74,000 SF Multi-Tenant Office Building in Pleasanton, Calif. for $15.5 Million
With more than 150,000 SF currently in development/redevelopment and another 500,000 SF in the pipeline, Meridian is still aggressively pursuing more value-add general and medical office opportunities throughout California
SAN RAMON, CALIF. — (RealEstateRama) — Meridian, a full service real estate developer and owner of general and medical office real estate, is pleased to announce that it has closed escrow on the sale of its 74,000-square-foot multi-tenant office building located in Alameda County at 5776 Stoneridge Mall Road in Pleasanton, Calif. The building is popularly known as “The Atrium.” The sale price was $15.5 million, representing a cap rate of just under 7.0%.
Meridian acquired the building in January of 2015. At the time of the acquisition, the building was 100% leased to over 50 tenants. The rents in the building averaged approximately 25% below the current market rents at that time. During its ownership, Meridian renewed or replaced approximately 60% of the tenants in the building. In addition, Meridian made over $1.0 million in capital improvements to the interior and exteriors of the building.
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.
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