Seattle, December 4, 2003 – An investor group led by Meriwether Partners and Fred Hines has acquired the 87,500 square foot ColumbiaCommonsBuilding located in St. Helens, Oregon. Meriwether Partners arranged the $5,675,000 acquisition and also placed a $4,540,000 acquisition loan through Greenwich Capital.
Columbia Commons is a suburban, mixed use project located 20 miles north of Portland in Columbia County, Oregon. The property includes a one-story medical and office building and surface parking on a 10.4 acre site. The building is currently 70% leased, with Legacy Health Systems and various divisions of the State of Oregon as the main tenants. Columbia Commons was purchased on a 9.2% cap rate based on in-place rents.
“This deal represented a rare opportunity, in that it combined a secure, long-term return from the existing leases with significant upside potential, due to the vacant space,” said Rob MacAulay. “We will be immediately implementing an aggressive marketing campaign to fill the vacant space, and we believe we have engaged the right team to do just that.”