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.