Meriwether Sells Portion of Boise Warehouse
SEATTLE, December 17, 2007 – Meriwether Partners sold a 159,000 square foot condominium unit at its Market Street Warehouse property in Boise, Idaho. The sales price was $6.9 million and the buyer was C. Stein Beverage Group.
Market Street Warehouse, located at 4719 Market Street near the airport, was formerly the Associated Food Stores regional distribution facility. It is a single-story building that consists of 11,000 square feet of office, 60,000 square feet of refrigerated space, 30,000 square feet of freezer space and 148,000 square feet of dry warehouse space on 21.46 acres of land.
Meriwether acquired the property in September 2005. The building was 21% leased when Meriwether put it under contract. Prior to closing on the acquisition, Meriwether leased the 30,000 square feet of freezer space and subsequently leased an additional 86,000 square feet of dry warehouse space to bring occupancy to 75%.
With the sale to Stein, Meriwether retains its condominium interest in the 90,000 square feet of refrigerated warehouse that is leased to two tenants.