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Rendering of the medical office building in Santa Fe. Image courtesy of Meridian
Meridian is planning to develop a 95,000-square-foot medical office building and comprehensive cancer care center in Santa Fe, N.M., in partnership with Nexus Health. Construction commenced at the end of last month, with the project slated for completion in July 2024.
Meridian has closed escrow on its purchase of the 18-acre parcel and paid $7.1 million. The overall investment will exceed $100 million.
Skiles Group is the general contractor for the project, while Page Southerland Page is its architect. The development team also includes civil engineers and surveyors Tierra West and entitlement consultants Orion Enterprises.
Upon completion, the property will encompass a three-story building and will house up to 50 infusion bays, a lab and advanced imaging with interventional radiology. A variety of medical services will be provided at the facility, including primary care, general surgery, cardiology, orthopedics, neurosurgery and physical therapy. The site will offer 520 parking spots.
Affordable MOB for an area with growing demographics
The development site is located at 4200 Beckner Road, 8.4 miles from downtown Santa Fe and 56 miles from Albuquerque. The project offers easy access to Interstate 25 and will be situated close to the Presbyterian Santa Fe Medical Center, which is less than 2 miles away. Other medical service providers in the surrounding area include Santa Fe Modern Dentistry and Orthodontics and Foot & Ankle Specialists.
As of April, there are five medical office buildings in various stages of development in the Albuquerque market which will add 234,190 square feet to the existing inventory, according to CommercialEdge data.
The Nexus Health facility marks Meridian’s first project in Santa Fe. In prepared remarks, Meridian CEO Mike Conn stated that the company’s goal is to provide affordable health care services to the community. The choice for the location was based on Northern New Mexico’s growing population.
According to a February 2023 JLL survey, demand in the medical office sector is determined by high occupancy levels and consistent rent growth, which are due to tenant stability and high building costs.
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