PORTLAND, February 14, 2013 – Meriwether Partners announced the acquisition of the office and retail condominium units of The Gregory located in the Pearl District of Portland, OR. The purchase price was $10.57 million. The buying entity is Gregory Pearl LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices. This is Meriwether’s fourth acquisition in Portland over the past three years.
The Gregory is located on between NW Flanders and NW Glisan on NW 11th Avenue in Portland’s Pearl District. The Property consists of three floors of office space and ground floor retail totaling 47,000 square feet plus 51 parking stalls in the attached garage. At closing, the project was 96% leased. The Gregory was built in 2001 by Carroll Companies and in addition to the office and retail condominium units includes 133 residential condominium units.
“We’re excited about buying in The Pearl. It’s emerged to become the most active, desirable mixed-use neighborhood in Portland,” said Robert Briscoe of Meriwether. “The building is in excellent condition and the existing tenant base provides a solid in-place income stream with upside potential as leases roll.”