Meriwether Partners

Meriwether broke ground on the Hugo House in May 2016 on behalf of Hugo Properties. The mixed-use development consists of a six-story building including a 10,300-square foot community center (Hugo House Writer’s Center) and 1,500 square feet of ground level retail space. Parking for 69 vehicles is located below grade. The upper floors include 80 apartment units. The project helps the Hugo House, a nationally acclaimed non-profit (www.hugohouse.org), continue to serve local writers and the arts community for decades to come by providing new “place for writers.” The project was completed in April 2018.

Meriwether acquired the Nortek Industrial Campus in October 2017 for $26.5 million. The property contains 330,000 square feet of warehouse and manufacturing space. It was 100% leased to Nortek Air Solutions on a short-term lease at closing. In October 2020, Meriwether negotiated an 11-year extension with the tenant. In May 2021, the campus was sold to an institutional investor for $46.5 million, generating an IRR of 25.3% and a 2.12x multiple over the 43-month hold period.

Meriwether acquired the Market Street Warehouse in September 2005 from Associated Food Stores. The property consists of 11,000 square feet of office, 60,000 square feet of refrigerated warehouse, 30,000 square feet of freezer warehouse, and 148,000 square feet of dry warehouse space on 21.46 acres of land. The property was 21% leased at the time it was put under contract. Prior to closing, Meriwether leased the 30,000 square feet of vacant freezer space. Subsequently, Meriwether leased an additional 86,000 square feet of dry warehouse space. After converting the project into a condominium, Meriwether sold the dry warehouse and office condominium for $6.9 million in December 2007. This transaction left the partnership with 90,000 square feet of leased refrigerated/freezer space valued in excess of the sold portion. Meriwether sold balance in December 2020 to a private investor for $17.75 million, generating an IRR of 29% and a 8x equity multiple over the15-year hold period. The building was 100% leased at the time of sale.

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.

Meriwether acquired the Kendall Lake building in December of 2011. The two-story office building is located east of Seattle in Snoqualmie, WA. It was 68% leased at closing with the remaining vacant space in shell condition. During due diligence Meriwether began negotiating a lease for the remainder of the building with King County. After executing the King County lease, Meriwether backfilled several subsequent vacancies. Meriwether sold Kendall Lake in October 2017 to a private investor for $13.05 million, generating an IRR of 21% and a 2.63x equity multiple over the 71-month hold period. The building was 100% leased at the time of sale.

Meriwether acquired 215 Columbia in September 2012. The 5-story office building is located in downtown Seattle at the corner of 3rd and Columbia. It was 96% vacant at the time of acquisition. Prior to closing, negotiations were underway with SEIU 775 NW for the vacant 50,000 square feet of office space. The tenant signed a long-term lease in December 2012. Meriwether sold 215 Columbia in June 2016 to SEIU 775 NW, generating an IRR of 19% and a 1.8x equity multiple.