Meriwether Sells Nortek Industrial Campus
PORTLAND May 14, 2021 –
Meriwether Partners announced the sale of the Nortek Industrial Campus to an institutional investor for $46.5 million. Meriwether acquired the Nortek Industrial Campus in October 2017 for $26.5 million from a private investor.
The property contains 330,000 square feet of warehouse and manufacturing space on over 25 acres of land. At acquisition, the campus was 100% leased to Nortek Air Solutions on a short-term basis. In October 2020, Meriwether negotiated an 11-year extension with the tenant.
The sale was predicated on the fact that Meriwether executed its business plan. Namely, renewing the tenant to a long-term lease, establishing a stable income stream with a quality tenant. The sale generated an IRR of 23.2% and a 2.12x equity multiple over the 43-month hold period.
“This was a very successful investment for our team. The long-term lease extension coupled with strong interest from institutional buyers of industrial product in Portland allowed us to effectuate a sale and deliver our investors returns that exceeded expectations,” said Robert Briscoe, principal at Meriwether Partners.