Meriwether Sells Eastlake Development Site

SEATTLE, December 30, 2019 – Meriwether Partners announced the sale of the 2501 Eastlake development site to an institutional investor for $8.10 million.  Meriwether  acquired the 2501 Eastlake property in July 2015 in an off-market transaction.  The property includes a 7,400 squarefoot retail building located in the Eastlake neighborhood of Seattle, WA. The building is situated on a 11,000 square foot parcel zoned NC2-40.  In addition, to the west of the building is a 7,000 square foot parcel zoned L2 currently used as a surface parking lot.  At acquisition, the property was 97% leased to five commercial tenants.  Meriwether sold the site in December 2019 to an institutional investor for $8.1 million, generating an IRR of 23.4% and a 2.5x equity multiple.