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Meriwether Sells Northwest Portland Industrial Building

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PORTLAND, October 15, 2015 – Meriwether Partners announced the $5.65 million sale of 2850 NW 31st Avenue in Portland, Oregon to Legacy Health Care.

2850 NW 31st Avenue was acquired off-market in October 2014 from Premier Press. The acquisition was predicated on buying a well-located industrial building in an established sub-market with limited competitive product.  The 72,000 square foot building was vacant at the time of sale. The buyer will utilize the property as an owner-user.

“We acquired the 2850 building anticipating that we’d lease it up and hold it for the long-term.  However, the unsolicited offer to purchase the building allowed us to achieve our long-term investment goals in a short period of time,” said Robert Briscoe, principal at Meriwether Partners.