Nortek Industrial Campus

An aerial view of an industrial park.
A parking lot with cars parked in front of an office building.
A factory with a lot of equipment in it.
Meriwether Partners
Nortek Industrial Campus

Portland, OR

330,000 square foot warehouse/distribution campus

Meriwether Partners

Meriwether acquired the Nortek Industrial Campus in October 2017 for $26.5 million. The property contains 330,000 square feet of warehouse and manufacturing space. It was 100% leased to Nortek Air Solutions on a short-term lease at closing. In October 2020, Meriwether negotiated an 11-year extension with the tenant. In May 2021, the campus was sold to an institutional investor for $46.5 million, generating an IRR of 25.3% and a 2.12x multiple over the 43-month hold period.