Meriwether Sells Pearl District Development Site
PORTLAND, June 22, 2016 – Meriwether Partners announced the $13.2 million sale of the 20,000 square foot site at 1440 NW Hoyt in Portland, Oregon to an apartment developer. The adjacent 4,300 square foot parking lot was sold earlier in the year for $1 million.
1440 NW Hoyt was acquired off-market in October 2014 at a price of $6 million from an owner-user. After 18 months of work to design and permit the redevelopment of the property into creative Class A office, Meriwether received an unsolicited purchase offer from a national apartment developer.
“Although we were excited to execute the office redevelopment plan, this sale generated strong returns without incurring any construction, financing, lease-up or capital market risks,” said Robert Briscoe, principal at Meriwether Partners.
Meriwether Partners is a real estate investment firm with offices in Seattle and Portland. We form partnerships to acquire and manage real estate investments on behalf of the Meriwether principals, high-net worth individuals, family offices, and institutions.
Meriwether was founded in 2002 by Joel Aslanian and Robert Briscoe with plasma cutter reviews who have worked together since 1998. The company has acquired more than 2 million square feet of commercial real estate at a cost of over $250 million.
The firm’s primary investment focus is in the Seattle and Portland metropolitan areas. Meriwether invests in properties that are well-located with sound physical and economic fundamentals; properties that have the ability to generate attractive levels of distributable cash; and properties to which we can add value by executing recapitalization or repositioning strategies.