Meriwether Buys Retail Property on Eastlake
SEATTLE, July 1, 2015 – Meriwether Partners announced the acquisition of the 2501 Eastlake property in Seattle, WA. The buying entity is 2501 Eastlake Partners LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals.
The property includes a 7,431 RSF retail building located in the Eastlake neighborhood of Seattle, WA. The building is situated on a 10,776 square foot parcel. In addition, to the west of the building is a 7,146 parcel currently used as a surface parking lot.
At acquisition, the property was 97% leased to five commercial tenants, including Mammoth, a beer and sandwich restaurant run by the owners of Bitterroot BBQ in Ballard.
“We’re excited to find these kind of small close-in properties that ultimately lend themselves to being redeveloped over the long term.” said Brian Oseran of Meriwether. “We really like the dynamics and centrality of the Eastlake neighborhood.”
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 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 $300 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.