PORTLAND, December 20, 2018 - Meriwether announced the $41.5million acquisition of the Tigard Corporate Center, a suburban office/medical campus located in Tigard, Oregon. The buying entity is Meriwether Tigard LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices. The seller was RREEF.
Developed in 2000, the property consists of three two-story buildings totaling 123,210 square feet. In addition to 324 surface parking stalls, the property includes a 357-stall parking garage providing a parking ratio of over 5.5 stalls per 1,000 square feet.
The property is 100% leased to two tenants on long-term net leases. Two buildings are leased to Consumer Cellular, a privately-held telecommunications company, and serves as its corporate headquarters and customer support center. One building is leased to Compass Oncology, a subsidiary of McKesson Corporation, and serves as its regional cancer treatment center for patients.
“The Tigard Corporate Center is a well-located suburban office campus that provides mission-critical functions for both Consumer Cellular and Compass Oncology,” said Robert Briscoe, a principal at Meriwether Partners. “We were attracted to the property given the pricing at a discount to replacement cost, the durable cash flow, and the broad appeal of the location for suburban office and medical tenants.”