Jordan Menashe has a term for what he plans to give Main Place, the nearly 87,000-square-foot downtown Vancouver, Washington, office building that he picked up for $12.1 million from Realvest Corporation this week - "a little young love."
"I plan to try and enhance it immediately with some landscaping and other aesthetics," said Menashe, who has worked with his father, Barry Menashe, at Menashe Properties for the past four years. "My dad, he does his thing. I'm 27, though, and I say I like to bring a little young love to our properties."
The father and son have worked together on transactions over the past few years, but the younger Menashe said this is the first deal in which he's taken the full reins on from start to finish.
"Jordan is an intelligent guy and he's obviously had a great mentor," said Joshua Schwartz, a broker with Kidder Mathews involved in the deal. "You can see that this is going to be passed on."
Main Place is just one of a handful of class A office buildings in downtown Vancouver. Menashe said the market is a tight one, with the vacancy rate hovering at around 9 percent. The building also includes a 230-stall parking garage. Its main tenants include Chicago Title, Wells Fargo and Holland Partners.
Menashe said the building is about 20 percent vacant, but he's already got some prospects eyeballing the space. He also said there seems to be a lot of activity going on in downtown Vancouver, including Gramor Development's waterfront development project, that bodes well for the market.
"I see more bars opening, more creatives here, more companies coming from across the river," Menashe said. "I like what's going on in Vancouver."
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