Meriwether Sells Northwest Portland Industrial Building
PORTLAND, October 15, 2015 – Meriwether Partners announced the $5.65 million sale of 2850 NW 31st Avenue in Portland, Oregon to Legacy Health Care.
2850 NW 31st Avenue was acquired off-market in October 2014 from Premier Press. The acquisition was predicated on buying a well-located industrial building in an established sub-market with limited competitive product. The 72,000 square foot building was vacant at the time of sale. The buyer will utilize the property as an owner-user.
“We acquired the 2850 building anticipating that we’d lease it up and hold it for the long-term. However, the unsolicited offer to purchase the building allowed us to achieve our long-term investment goals in a short period of time,” said Robert Briscoe, principal at Meriwether Partners.
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 $350 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.