SANTA ANA, CALIF. — San Ramon, Calif.-based Meridian has acquired a two-story office building, located at 3601 W. Sunflower Ave. in Santa Ana, for $20.3 million. The buyer plans to invest an additional $5 million in building improvements to convert the building into a medical office space.
Situated on 4.8 acres, the 53,500-square-foot property was originally constructed in 2000 as a special-use building for a culinary and arts school. The school went bankrupt earlier this year, and the building was vacant at the time of sale.
During escrow, Meridian secured its first tenant, a large healthcare provider, for roughly half of the building on a long-term lease. The buyer will market the second-floor space, approximately 26,000 square feet, to medical office tenants.
Jon Sweeney of Long Beach, Calif.-based CXI Realty and George Thomson of Newmark Knight Frank’s Irvine, Calif., office represented the seller, a local private investor, in the transaction. John Scruggs and Justin Hodgdon of Newmark Knight Frank’s Irvine office represented the buyer. Scruggs and Thomson will manage the continued leasing of the building.