Meridian has sold The Laguna, a 57,573-square-foot, medical office building in Laguna Hills, Calif.
The buyer, an undisclosed REIT, paid $31.34 million.
The Laguna is located at 24022 Calle de la Plata on the campus of the 325-bed MemorialCare Saddleback Medical Center. This affluent location boasts attractive healthcare demographics, with half the population aged 65+ within a one-mile radius.
The five-story, fee-simple property was originally built in 1983 and renovated in 2019, including installing electric-car chargers on site, common area renovations, a fire suppression system and an LED lighting retrofit.
“Medical office building space availability has dramatically decreased around the MemorialCare campus in the last few years — dropping from 24 percent vacancy in 2017 to less than 10 percent today,” said Andrew Milne, managing director at JLL Capital Markets. “Ownership will benefit from the recent upgrades in conjunction with the lack of av
