Meriwether Buys Retail Property on Eastlake
SEATTLE, July 1, 2015 – Meriwether Partners announced the acquisition of the 2501 Eastlake property in Seattle, WA. The buying entity is 2501 Eastlake Partners LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals.
The property includes a 7,431 RSF retail building located in the Eastlake neighborhood of Seattle, WA. The building is situated on a 10,776 square foot parcel. In addition, to the west of the building is a 7,146 parcel currently used as a surface parking lot.
At acquisition, the property was 97% leased to five commercial tenants, including Mammoth, a beer and sandwich restaurant run by the owners of Bitterroot BBQ in Ballard.
“We’re excited to find these kind of small close-in properties that ultimately lend themselves to being redeveloped over the long term.” said Brian Oseran of Meriwether. “We really like the dynamics and centrality of the Eastlake neighborhood.”