CBRE Facilitates $13.35 Million Sale of Pasadena Medical Office Building

CBRE facilitated the $13.35 million sale of the California Medical Building, a 32,052-square-foot outpatient medical office property located at 55 East California Blvd., in Pasadena, California, to Meridian Property Company.

CBRE's Mark Shaffer, Anthony DeLorenzo, Ryan Burnett, Cody Chiarella and Greg Nassir represented the seller, Young Properties, in the transaction.

"This transaction underscores the continued investor demand for well-located outpatient medical assets in supply-constrained healthcare markets," said Shaffer, senior vice president at CBRE. "The property's proximity to Huntington Hospital, strong fundamentals and value-add potential attracted significant interest from programmatic investors who recognized the opportunity to reposition this gateway to hospital campus asset."

The three-story medical office building built in 1983 sits on nearly an acre adjacent to Huntington Health Hospital. Concurrent with the acquisition, Meridian finalized a long-term lease with The Huntington Physicians, an affiliate of Huntington Health and Cedars-Sinai Health System, for the entire second floor of the property. Meridian plans to implement a comprehensive capital improvement program that includes lobby renovations, exterior façade enhancements, ADA upgrades, building systems modernization and updated signage.

The property benefits from its position within Pasadena's healthcare corridor and proximity to major medical providers serving the San Gabriel Valley.

According to CBRE Research, demand for outpatient medical office properties continues to be supported by healthcare system expansion, an aging population and increased delivery of care in outpatient settings. Pasadena remains one of the premier medical office markets in the Los Angeles region, benefiting from Huntington Hospital and other leading healthcare providers that drive tenant demand and support long-term occupancy fundamentals.