Meriwether Buys Kendall Lake Building
SEATTLE, December 9, 2011 – Meriwether Partners announced the acquisition of the Kendall Lake Building located in Snoqualmie, WA for $5.05 million. The buying entity is Kendall Lake Partners LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices.
This is the fifth acquisition by Meriwether in the last year, three of which have been in the Portland area. In December 2010, Meriwether acquired the Fiserv Building, a 55,000-square-foot office building located at 4550 SW Macadam Avenue in downtown Portland, and Tanasbourne Corporate Park II, a 42,000-square-foot building in Hillsboro. In June 2011, Meriwether purchased Wallingford Plaza, a 31,000-square-foot office/retail project in Seattle. Most recently, in October, Meriwether purchased the Tanasbourne Commerce Center, a four building office project containing 183,662 square feet in Hillsboro, Oregon.
The Kendall Lake Building is located in the Snoqualmie Ridge Business Park approximately 10 miles east of Issaquah, WA. The Property was a speculative development constructed in 2008 by Opus Northwest. Presently, the 56,008 square foot property is 68% occupied by Rudolph Technologies, Inc. and Barnard Construction. The property sits within the rapidly expanding Snoqualmie Ridge master planned community, a phased housing and commercial project that has grown to include over 3,000 residences in the past 12 years.
“We are pleased with this acquisition and we are optimistic about the I-90 submarket over the long term,” said Joel Aslanian of Meriwether. “This is a very high quality asset and the existing tenant base provides a solid in-place income stream with upside potential in leasing the vacant 21,000 square feet.” Aslanian added, “We are already in negotiations with a tenant for the remaining space and, given our relatively low investment basis, the quality of the building design and age of the property, we feel that we’re in a strong competitive position.”