Meridian, a division of Marcus & Millichap Co., has acquired three existing buildings on five parcels totaling 29,000 square feet of land, for $2.45 million, in Long Beach, Calif., according to press release.

Plans are underway for a new ambulatory outpatient clinic which expected to cost approximately $3.1 million to develop on the property. It will also house a dialysis clinic.

The project will include repurposing an existing, two-story 8,280-square-foot building to a new 9,200-square-foot Type V-A single-story building that meets California’s Office of Statewide Health Planning and Development 3 requirements.

“We plan to preserve 50 percent of the existing exterior walls in order to maintain grandfathered status on legal non-conforming setbacks and parking,” said Meridian’s Senior Vice President of Development Mike Conn. “We will also abate all friable asbestos and lead-based paint, while concurrently performing shoring and restoration activities from a recent fire in the building.”

Conn adds, “The exterior of the building will receive updated wall cladding and stone to match the building’s current exterior, as required by the city. The remainder of the building will receive a new stucco finish, eyebrow canopies, and a new storefront entry. The project will also receive all new utilities, Title 24 energy upgrades, a new roof, new HVAC units, a new parking lot, and drought resistant, water efficient landscaping.” Meridian will demolish two existing structures on site, and merge the lots to create a single parcel for the development.

The property is located across the street from Dignity Health’s St. Mary’s Medical Center. Construction will be completed by the end of the year.