PORTLAND, September 9, 2019 - Meriwether announced the $6.9 million acquisition of Creekside Four, a suburban office building located in Beaverton, Oregon. The buying entity is Meriwether Creekside LLC,a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices. The seller was LNR Loan Servicing.
Developed in 1985, the property consists of a three-story building totaling 61,000 square feet. The property includes 224 surface parking stalls providing a parking ratio of 3.8 stalls per 1,000 square feet.
The property was purchased vacant. Meriwether's business plan is to cosmetically upgrade the building (including removal of existing interior demising walls, an updated lobby, new restrooms, and common area upgrades), address deferred maintenance, modernize the building systems, and ultimately lease it to one or several tenants.
“Upon completion of the renovation, Creekside Four will provide a highly desirable environment for suburban office tenants,” said Robert Briscoe, a principal at Meriwether Partners. “We believe the property is well-positioned to create long-term appreciation due to our low investment basis relative to replacement cost. Upon completion of the renovation and lease-up, we expect Creekside Four to remain well-leased, generate consistent income and steadily appreciate in value.”