30,500 square foot office and retail building
Meriwether acquired Wallingford Plaza in June 2011 from Banner Bank. The 3-story commercial building with ground floor retail and two floors of office is located in the heart of the Wallingford neighborhood of Seattle. At the time of closing, the building was 75% leased (including a new lease with Walgreens for the entire ground floor retail space and a portion of the second floor). The base building upgrades and tenant improvements associated with the new Walgreens lease began immediately after closing with the tenant taking occupancy in March 2012. In 2013 two additional office leases were signed, bringing the building to 100% occupancy. Meriwether sold Wallingford Plaza in December 2013 to an institutional investor generating an IRR of 24.6% and a 1.71x equity multiple.