PORTLAND, June 22, 2016 – Meriwether Partners announced the $13.2 million sale of the 20,000 square foot site at 1440 NW Hoyt in Portland, Oregon to an apartment developer. The adjacent 4,300 square foot parking lot was sold earlier in the year for $1 million.
Meriwether acquired 1440 NW Hoyt in an off-market transaction in October 2014 at a price of $6 million from an owner-user. After 18 months of work to design and permit the redevelopment of the property into creative Class A office, Meriwether received an unsolicited purchase offer from a national apartment developer.
“Although we were excited to execute the office redevelopment plan, this sale generated strong returns without incurring any construction, financing, lease-up or capital market risks,” said Robert Briscoe, principal at Meriwether Partners.