PORTLAND, March 7, 2016 – Meriwether Partners announced the $31.1 million sale of Tanasbourne Commerce Center in Hillsboro, Oregon to an institutional real estate investment fund.
The four-building, 186,000 square foot office portfolio was acquired in October 2011 at a price of $14.7 million. The acquisition was predicated on buying a well-located office building portfolio in an established sub-market at a price significantly below replacement cost. At the time of acquisition, the portfolio was 72% leased, with one vacant 50,000 building. Subsequently, Meriwether leased signed a long term lease for the 50,000 square foot vacant building and re-leased two buildings totaling 80,000 square feet to Kaiser Health and Nike.
“The sale was predicated on the fact that we had executed our business plan. Namely, we repositioned and re-leased the portfolio, and established a stable income stream, quality tenant base, and staggered lease expiration schedule. These factors, coupled with renewed interest from institutional buyers in the Sunset Corridor office market allowed us to effectuate the sale,” said Robert Briscoe, principal at Meriwether Partners.