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.