Seattle, December 4, 2003 – An investor group led by Meriwether Partners and Fred Hines has acquired the 87,500 square foot ColumbiaCommonsBuilding located in St. Helens, Oregon. Meriwether Partners arranged the $5,675,000 acquisition and also placed a $4,540,000 acquisition loan through Greenwich Capital.
Columbia Commons is a suburban, mixed use project located 20 miles north of Portland in Columbia County, Oregon. The property includes a one-story medical and office building and surface parking on a 10.4 acre site. The building is currently 70% leased, with Legacy Health Systems and various divisions of the State of Oregon as the main tenants. Columbia Commons was purchased on a 9.2% cap rate based on in-place rents.
“This deal represented a rare opportunity, in that it combined a secure, long-term return from the existing leases with significant upside potential, due to the vacant space,” said Rob MacAulay. “We will be immediately implementing an aggressive marketing campaign to fill the vacant space, and we believe we have engaged the right team to do just that.”
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 $250 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.