Tanasbourne Commerce Center

Meriwether acquired Tansbourne Commerce Center in October 2011. The 4-building project consists of three office buildings and one flex building and is located in the Sunset Corridor submarket of greater Portland. Two of the office buildings and the flex building were 100% leased and a 50,000 square foot building was vacant at the time of acquisition. Overall, the project was 72% leased at acquisition. During the hold period, a long-term lease with Grass Valley was executed for the vacant 50,000 square foot building and two buildings totaling 80,000 square feet were re-leased to Kaiser Health and Nike. Meriwether sold the portfolio in March 2016 to an institutional real estate fund for $31 million, generating an IRR of 28% and a 2.6x equity multiple over the 51-month hold period.