Search
 

242,000-SF State Farm Operations Center Changes Hands

SALEM, OR-An investor group led by Seattle-based Meriwether Partners acquires the single-story, building here from State Farm for $11.55 million. The vast majority of the building is built out as office.

By Brian K. Miller | Updated on September 11, 2005

SALEM, OR-The 242,000-sf State Farm’s Salem Operations Center here has changed hands for $11.55 million or $47.72 per sf. The 29.5-acre property holds one single-story building containing 211,000 sf of office and 31,000 sf of warehouse space.

The seller, State Farm Mutual Automobile Insurance Co., will leaseback approximately 130,000 sf on a short-term basis. The new owner, an investor group led by Seattle-based Meriwether Partners, has renamed the development Capitol City Business Center.

Meriwether Partners principal Robert Briscoe says the condition of the building, the fact that it’s one of the largest blocks of single-story office space in the Northwest and the strength of the Salem-area workforce has him optimistic about re-leasing the building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.