2501 Eastlake

A parking lot with cars parked in front of a store.
A building with cars parked in front of it.
Meriwether Partners
2501 Eastlake

Seattle, WA

7,400 square foot retail building

Meriwether Partners

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.