Nortek Industrial Campus
![Meriwether Partners Meriwether Partners](https://meriwetherpartners.com/wp-content/uploads/2022/01/591e21d164697b56d76e150f_bevel_top-left-svg.png)
Nortek Industrial Campus
Portland, OR
330,000 square foot warehouse/distribution campus
![Meriwether Partners Meriwether Partners](https://meriwetherpartners.com/wp-content/uploads/2022/01/591e21f0e8597c09807162a0_bevel_bottom-right-svg.png)
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.