STOCKTON—A 2.06-acre property on West Lane across from the Kaiser Permanente campus was recently purchased for $1.25 million. It will be the home to a new outpatient clinic.
An existing building, occupying 7,500 square feet of the acreage, will be demolished, and the purchaser, San Ramon-based Meridian, will build a 13,600-square-foot outpatient clinic on the site.
“This location is perfect for our client who has experienced a strong demand for its services in this area,” said Lorenzo Brooks, Meridian’s director of Acquisitions, in statement. “We persevered for over 15 months to bring this deal to a close because of our confidence that this would be an ideal location to serve patients in the community.”
The property was purchased by The Builder’s Exchange of Stockton, who was represented by CBRE.
The facility is expected to be under construction in a few months, taking less than a year to complete, according to Brooks.
“We’re extremely proud of this acquisition as it shows our ability to unlock valuable real estate near major healthcare system hubs,” Brooks continued. “This deal marks the sixteenth outpatient clinic that we have developed in the last five years and we continue to solidify ourselves as experts in healthcare development.”
Meridian is also planning to build facilities in Modesto and Long Beach in the coming months, as well. The builds are part of Meridian’s pursuit of healthcare facility development throughout the western U.S.