first_imgPortland-based property investment firm Menashe Group is purchasing Main Place, at 1111 Main St., in a $12.15 million deal set to close Tuesday. Jordan Menashe, left, led the transaction for the firm headed by his father, Barry Menashe. It’s the company’s first major investment in Vancouver. One of downtown’s most recognizable buildings, the black glass box known as Main Place, has been purchased by a prominent Portland investment firm that is making its first major plunge into Vancouver real estate.Jordan Menashe, a second-generation family investor in Menashe Properties, couldn’t be more excited. The 27-year-old son of company founder Barry Menashe is cutting his teeth in the family business with the $12.15 million deal that’s scheduled to close Tuesday. “It’s the first transaction I’ve done from start to finish,” said Menashe, who has worked for his father for four years and who’s eager to lead the company’s expansion beyond Portland and its Oregon suburbs. The building at 1111 Main St., constructed in 1991, contains nearly 88,000 square feet of leasable space on seven floors. The purchase deal includes the 230-space parking structure north of the building, on the same block as Main Place, which was valued at $1.2 million. The building’s Class A office space is 80 percent occupied, and the Holland Partner Group, a West Coast developer of multifamily housing, is the largest tenant with 25,000 square feet on 2½ floors. The building is being sold by Main Place Limited Partnership, which was represented by Richard Gress of Realvest Corp., the parent real estate company. Gress said the investor owners had considered selling the property but had not listed it when they were approached by the Menashe Group. Realvest owns about 2,000 multifamily units and Main Place was its last commercial property. The sale was “purely a strategic move on our part,” Gress said. Realvest will continue to manage the building for the Menashe Group, he said.last_img

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