Meriwether Sells Wallingford Plaza
SEATTLE, December 18, 2013 – Meriwether Partners announced the $12.75 million sale of Wallingford Plaza in Seattle, Washington to an institutional investor.
Wallingford Plaza was acquired in June 2011 from Banner Bank. The 3-story commercial building was 75% leased (including a new lease with Walgreens for the entire ground floor retail space and a portion of the second floor) at the time of acquisition. Base building upgrades and tenant improvements associated with the new Walgreens lease began immediately after closing and the remaining office space was leased in 2013. Occupancy at the time of sale was 100%.
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.