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The departure of Everest College from the Washington Center created an opportunity that local developer Barry Menashe and his son Jordan could not pass up.

Portland-based Menashe Properties closed late last week on a $9 million cash purchase of the property, which sits on three-quarters of a block near the Morrison bridgehead in downtown Portland. Seven owners had fractional interests in the property.

Menashe called the property, between Fourth and Fifth avenues and Washington and Stark streets, “one of the best corners in downtown” and said no exact redevelopment plans exist yet.

But the developer has spoken with prospective retail, office and hotel tenants, he added.

“It was a no-brainer as far as acquisitions go,” he said. “It’s a great fit. We are going to make it better for the city and downtown. The wheels are definitely turning.”

Meridian Trust Real Estate Services in February listed the two-building, 77,411-square-foot property after it was announced that Everest would vacate its 30,000-square-foot space at the end of May.

Meridian ultimately looked at eight proposals, said Richard Freimark, president and principal broker.

“The seller chose … to go to contract with the one that had the least number of restrictions,” he said.

While Everest’s departure leaves the property with 70 percent vacancy, significant potential exists for tenants seeking several floors of space, Freimark said. The property also has 100 underground parking spaces.

“With the college leaving, that gives everybody a wonderful opportunity to reposition the building,” he said.