Portland, OR, July 31, 2015 – Meriwether Partners announced the $4 million acquisition of 3305 NW Aloclek Drive in Hillsboro, Oregon. The buying entity is Meriwether 3305 LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals.
The property is a two-story office building located in the Sunset Corridor submarket of Portland, OR. It was built-to-suit in 1997 and includes 40,000 square feet.
The property was vacant at acquisition. The investment strategy is to reposition the property for lease to one or two tenants. Planned improvements include interior demolition to reveal the size and flexibility of the floor plate and ceiling heights, new exterior paint, landscaping improvements, parking lot upgrades, and new signage.
“We have extensive experience investing in the Sunset Corridor. We were attracted to the building given the pricing at a significant discount to replacement cost, the location adjacent to many corporate tenants, and the quality of construction.” said Robert Briscoe, principal at Meriwether Partners.