56,000 square foot office building
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.