Market Street Warehouse
90,000 square foot refrigerated/freezer warehouse condominium
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.