The GSA Building is a two-story, 117,553-sf office building on 4.41 acres that includes a 237-space surface parking lot. The property is 100% leased to the United States Federal Government on a non-cancelable lease through April 30, 2012. The property houses, among other government agencies, the US Department of Agriculture's national archive of aerial photography.
"We acquired the asset using creative financing and then spent the next 30 months solidifying the tenancy improving tenant and vendor relationships and also upgrading the interior and exterior of the building," says Meriwether principal Robert Briscoe. "These efforts, plus a compression in cap rates nationwide, allowed us to sell the asset and provide excellent returns back to our investors."
Briscoe tells GlobeSt.com the new owner's acquisition price equates to a cap rate in the low 8% range. The slightly high cap rate is due in part to the fact that there are only seven years left on the GSA lease.
In addition to Briscoe, Meriwether includes Robert C. MacAulay, Joel Aslanian, and David Rothrock. Established in 2002, the company acquires value-added office, retail, industrial and hotel properties throughout the Northwest and assists clients in leasing, selling and financing commercial real estate."
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