Meridian announced that it has closed escrow on the purchase of a vacant medical outpatient building (MOB) in Tucson, Arizona.
The acquired asset is a 94,569-square-foot MOB, located on a 9.27-acre parcel. The former inpatient cardiovascular hospital has been vacant for 15 years.
Founded in 1999, Meridian is a full-service real estate developer and investor specializing in brand-enhancing healthcare and life science developments. The firm owns and manages healthcare properties throughout the United States and continues to aggressively pursue acquisitions and developments.
Following the acquisition, the property will be fully occupied by El Rio Health, a Federally Qualified Health Center that has provided comprehensive, accessible and affordable healthcare to the Tucson community for 54 years. The MOB will be converted into a state-of-the-art health center. In addition, the project plans to install Class A custom tenant improvements fully designed to meet El Rio Health’s service line needs. Construction is estimated to begin later this month, with completion anticipated in early 2026.
Rick Kleiner of Cushman & Wakefield | PICOR represented Meridian on the acquisition and El Rio Health on the lease. Vince Femiano and Kate Morris of Transwestern represented the seller, an affiliate of Tenet Health, in the sale. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the 157th MOB transaction of the year, and the 10th announced in Arizona. There were 197 MOB deals announced during 2023, and 216 announced during 2022.
