Meriwether Buys Tanasbourne Commerce Center
SEATTLE, October 6, 2011 – Meriwether Partners announced acquisition of the Tanasbourne Commerce Center located in Hillsboro, OR for $14.75 million. The buying entity is TC Hillsboro LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices.
This is the fourth acquisition by Meriwether in the past 12 months, 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.
Tanasbourne Commerce Center is located in the Sunset Corridor submarket of Portland on NW Aloclek Drive between NW Evergreen Way and NW Cornell Road. The Property consists of three office buildings and one flex building totaling 183,662 rentable square feet. Two of the office buildings and the flex building are 100% leased, and the remaining office building is vacant. Overall, the project is 72% leased to six tenants with Netflix, Inc. and Norm Thompson Outfitters occupying over 100,000 square feet. The vacancy consists of a two story, 51,000-square-foot office building that was constructed in 2001 by Trammell Crow Company. It is one of the highest quality office buildings available in the competitive submarket and includes 276 parking stalls, providing a ratio of 5.4 stalls per 1,000 RSF, which is significantly higher than most competitive properties.
“We’re very excited about this acquisition as well as expanding our presence in the Portland market,” said Robert Briscoe of Meriwether. “The buildings are in excellent condition and the existing tenant base provides a solid in-place income stream with upside potential in leasing the vacant building.” Briscoe added, “We’re going to aggressively market the vacant building for lease and, considering our relatively low investment basis, the quality of its design and building systems, as well as its above-standard parking ratio, we feel that we’re in a strong competitive position.”
Meriwether has hired Mark McFarland of Jones Lang LaSalle as the leasing agent and Kidder Mathews for property management services. The seller was represented by Buzz Ellis and Paige Morgan of Jones Lang LaSalle.