A Northern California developer has purchased land in downtown Long Beach with plans to construct an $8.4 million dialysis clinic.
Meridian Property Co., a commercial real estate developer based in San Ramon, announced Jan. 16 it paid $2.45 million for three buildings on five parcels at 1078-1090 Atlantic Blvd.
The company said it will replace or repurpose current buildings to create a 9,200-square-foot, single-story medical office to serve as a dialysis clinic for an undisclosed tenant. Final cost upon completion is expected to be $8.4 million
Demolition begins this month. Construction is expected to be completed by the end of the year. The clinic will open across the street from St. Mary Medical Center.
“We specialize in unlocking difficult sites to provide patients and communities with access to care away from the traditional hospital setting,” said R.J. Sommerdyke, senior acquisitions manager for Meridian, in a statement. “We are actively pursuing healthcare opportunities in the western region of the U.S.
Meridian Property Co., a division of Marcus & Millichap Co., made its first purchase in Southern California last fall on a 57,000 square-foot medical office building in Orange County.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.