2501 Eastlake
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2501 Eastlake
Seattle, WA
7,400 square foot retail building
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Meriwether Partners acquired the 2501 Eastlake property in July 2015 in an off-market transaction. The property includes a 7,400 square foot retail building located in the Eastlake neighborhood of Seattle, WA. The building is situated on a 11,000 square foot parcel zoned NC2-40. In addition, to the west of the building is a 7,000 square foot parcel zoned L2 currently used as a surface parking lot. At acquisition, the property was 97% leased to five commercial tenants. Meriwether sold the site in December 2019 to an institutional investor for $8.1 million, generating an IRR of 23.4% and a 2.5x equity multiple.