Meriwether Partners Buys Wallingford Plaza
SEATTLE, June 30, 2011 – Meriwether Partners has acquired Wallingford Plaza from Banner Bank for $6.6 million. The buying entity is WP Partners LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals.
This is the third acquisition by Meriwether in the past six months. In December, Meriwether acquired two buildings in Portland: the 55,000-square-foot Fiserv Building located 4550 SW Macadam Avenue and the 42,000-square-foot Tanasbourne Corporate Park II.
Wallingford Plaza is a 3-story, 30,554 square foot building with ground floor retail and two floors of office located at the corner of Stone Way North and North 45th Street in the heart of the Wallingford neighborhood of Seattle (4468 Stone Way North). 45th Street is the commercial hub for the neighborhood and offers tenants easy access to retail amenities and many public transit options. The ground floor retail space and a portion of the second floor were recently leased to Walgreens and the entire third floor is leased to Keller Williams. The building is 75% leased with approximately 7,500 square feet of vacant office space on the second floor. The renovation of the ground floor retail space begins in July. Meriwether also plans various cosmetic improvements to the building to upgrade its image.
“We’re very excited about this acquisition,” said Joel Aslanian of Meriwether. “It’s a terrific location in a great neighborhood.”
Property Management will be handled by Pinnacle Commercial. The seller was represented by Reynolds Hass and Stephen Cugier of Colliers.
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.