PORTLAND, October 23, 2017 – Meriwether Partners announced the $26.5 million acquisition of the Nortek industrial campus in Tualatin, Oregon. The buying entity is Meriwether Tualatin LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals.
The property includes three warehouse/manufacturing buildings constructed in stages (1991, 1994 and 2006) and containing 329,474 rentable square feet on 25.12 acres of land. It is 100% leased to Nortek Air Solutions, LLC.
“The Nortek Industrial Campus is a well-located suburban industrial facility that provide mission-critical manufacturing for Nortek Air Solutions,” said Robert Briscoe, principal at Meriwether Partners. “We were attracted to the property given the pricing at a discount to replacement cost and the suburban location adjacent to similar industrial businesses.”