91视频

Menashe Properties has purchased a medical office building in downtown Seattle for $113 million.

The Medical Dental Building has approximately 300,000 square feet and more than 130 tenants.

鈥淭his is the next step for me and our company and the direction we want to grow 鈥� all over the West Coast,鈥� said Jordan Menashe, CEO of the Portland-based real estate firm.

The building is located at 509 Olive Way, only a few blocks from Pike Place Market in the heart of Seattle. Planned expansions by Amazon and Apple nearby are adding to the bustling business district.

鈥淭his particular asset we feel like we’re buying at an excellent price per square foot,鈥� Menashe said of the transaction.

The deal equates to about $376.67 per square foot.

鈥淲e feel like it’s a very safe asset because you’ll never get hurt by one major tenant,鈥� he said. 鈥淎nd we feel like our management style, and some good things we found through the process of the acquisition, we can add some value right away with some minor tweaks without hurting the tenants at all financially.鈥�

The transaction came as the result of a 1031 exchange. Menashe Properties sold Creeksides at Centerpoint, a 225,000-square-foot office complex in Kent, Washington, for $39 million earlier this summer after purchasing it in January 2016 for $26.5 million. Menashe rolled that transaction, plus some cash, into the Olive Way purchase. Menashe does not have a partner in the deal.

Menashe Properties is still looking to grow via additional office, industrial or retail deals, Jordan Menashe said.

Jordan Menashe credited his father, Barry, with laying the foundation for the family firm’s growth.

鈥淣one of this could or would be imaginable without what Barry started,鈥� he said.