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Meridian, a San Ramon-based property acquisition and real estate development company, has completed the sale of a 104,000-square-foot multi-tenant office building located in Brisbane, Calif.
Phase 3 Real Estate Partners of South San Francisco and San Diego bought the property from Meridian for $39.5 million in an off-market transaction.
“This was Meridian’s largest general office acquisition at the time. We were big believers in the resurgence of the North San Mateo County market, particularly due to the explosion in life science demand, coupled with YouTube’s large presence and expanding footprint in San Bruno. Our strategy proved out,” said John Moutsanas, Meridian’s senior vice president.
Meridian originally acquired the six-story building in December 2016. At the time of original purchase the building was leased to seven tenants, and rent was being offered at 25% below current market rates.
“Phase 3 Real Estate Partners was wonderful to work with; they were responsive and really knew their business. Their development of the Genesis Towers just down the 101 from this building gave them the insight to sharpen their pencils and make a quick decision,” Moutsanas said.
This sale comes in just over one month after Meridian purchased its 10th property in 24 months. In May, Meridian purchased a 39,204-square-foot parcel in Modesto it intends to turn into an ambulatory outpatient facility for an undisclosed client. The facility is expected to be completed in 2019.
