September 9, 2020
Meridian and Harrison Street bought a 110,400-square-foot, four-story Class A office building in Irvine, reportedly for $43 million. The JV plans to invest additional capital to convert it into a Class A medical office building.
The property at 114 Pacifica Court is situated on a 4.8-acre parcel bordered by the I-405, I-5 and I-133 freeways within the Irvine Spectrum. Constructed in 1999, the building will be renamed to Pacifica Medical Plaza.
Meridian’s R.J. Sommerdyke says, “The building was being sold 60% occupied and was attractive to us for a variety of reasons.” Among them were the continued growth of Irvine, and a tight MOB market that presents high barriers to entry and strong demographics. Other factors included high freeway visibility, and large, flexible floorplates that are appealing to a variety of occupiers, such as surgery centers, or imaging clinics.
CBRE’s Anthony DeLorenzo and Todd Tydlaska represented the seller, an unnamed institutional owner. Meridian and Harrison Street were self-represented.
For comments, questions or concerns, please contact Dennis Kaiser