REBusinessOnline

Providence Health Sells 26,000 SF Medical Office Building in California for $7.5M

3531-Fashion-Way-Torrance-CA

Meridian plans to invest $3.6 million in renovations to the vacant 26,000-square-foot medical office building located at 3531 Fashion Way in Torrance, Calif.

TORRANCE, CALIF. — Providence Health has completed the sale of a vacant medical office building in Torrance. California-based Meridian, a full-service real estate developer and owner of medical real estate, acquired the property for $7.5 million.

Meridian plans to invest an additional $3.6 million into the 26,000-square-foot building by the time it’s fully leased. Renovations will include an exterior facelift, lobby modernization, the addition of common area restrooms and a new roof, HVAC systems, landscaping and signage, as well as a parking lot restriping/resurfacing. Improvements are scheduled for completion by third-quarter 2019.

Located at 3531 Fashion Way, the building is in close proximity to two major hospitals, including the 436-bed Providence Little Company of Mary Medical Center and the 401-bed Torrance Memorial Medical Center.

Brendan McArthur, Steve Solomon, Jeff Adkinson and Kristen Bowman of JLL’s Los Angeles represented the seller, while Meridian was self-represented in the transaction.

Get more news delivered to your inbox. Subscribe to France Media's twice-weekly regional e-newsletters. Click here.



Related News

Conferences