PORTLAND, October 15, 2015 – Meriwether Partners announced the $5.65 million sale of 2850 NW 31st Avenue in Portland, Oregon to Legacy Health Care.
Meriwether acquired the industrial building at 2850 NW 31st Avenue in an off-market transaction in October 2014 from Premier Press. The acquisition was predicated on buying a well-located industrial building in an established sub-market with limited competitive product. The 72,000 square foot building was vacant at the time of sale. Legacy Health Care will utilize the property as an owner-user.
“We acquired the 2850 building anticipating that we’d lease it up and hold it for the long-term. However, the unsolicited offer to purchase the building allowed us to achieve our long-term investment goals in a short period of time,” said Robert Briscoe, principal at Meriwether Partners.