Pasadena’s Cotton Medical Center Sells to Healthcare Realty Trust

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Pasadena’s Cotton Medical Center Sells to Healthcare Realty Trust
Cotton Medical Center located at 50 Bellefontaine St. and 50 Alessandro Pl.

Cotton Medical Center, a 2.8-acre property adjacent to Huntington Hospital in Pasadena, has been acquired by Healthcare Realty Trust for an undisclosed amount.

The facility at 50 Bellefontaine St. and 50 Alessandro Place was sold by San Ramon-based Meridian, a real-estate developer and owner of medical office real estate. Meridian purchased the property in January 2016 for $37.5 million.

Healthcare Realty Trust is a publicly traded real estate investment trust that focuses on owning and managing outpatient medical facilities throughout the United States.

Both companies were self-represented in the off-market sale.

Cotton Medical Center is a multi-tenant medical office that consists of a four-story, 52,000-square-foot building and a five-story, 63,000-square-foot building.

Meridian Vice President of Acquisitions R.J. Sommerdyke said in a statement that Cotton Medical Center was an appealing property because of its “proximity to the hospital, access to L.A. Metro’s Fillmore Station, and convenient access to the 110, 210 and 134 freeways.”

Under Meridian’s ownership, the property underwent more than $10 million worth of renovations and the occupancy rate rose to 86% from 71%.

Meridian Asset Manager Heidi Duffy in statement said the renovations included, “installing new wayfinding signage throughout both the interior and exterior of the buildings, updating all common areas with new modern finishes, elevator modernization, installing fire sprinklers in one of the buildings, performing Title 24 and ADA upgrades, new automated parking equipment, a new cafe, electric car charging stations, and installing high-efficiency BMS, HVAC, and lighting systems throughout the building.”

Los Angeles-based CBRE Group Inc. managed leasing efforts at the property before the recent sale.

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