Meriwether Partners Buys The SMI Building
SEATTLE, January 27, 2006 –Meriwether Partners in partnership with Fred Hines, Jr. has acquired the 34,000 square foot SMI Building located in Milpitas, California. Meriwether Partners arranged the $7,800,000 acquisition and also placed a $4,800,000 acquisition loan through GE Commercial Finance.
The SMI Building is a one-story office and high-tech manufacturing facility. The property was built in 1982 and substantially renovated by the present occupant, Silicon Microstructures Inc (SMI), in 2002/03. The SMI Building was purchased as a long-term sale/leaseback.
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.