Menashe Properties has purchased a full block in downtown Portland for $26 million in an all-cash transaction.

Menashe purchased Unitus Plaza, a 93,947-square-foot office building constructed in 1964, and the surrounding property at 1300 S.W. Sixth Ave. The seller was Erickson Realty Limited, which purchased the property for $15.5 million in 1999, according to public records.

The off-market transaction was negotiated by the parties directly, with no brokers involved. The building has five stories; two underground are devoted to parking.

Barry Menashe, founder and principal of Menashe Properties, said he jumped at the chance to buy a full block in downtown Portland.

“We were just given a lead that they were ready to sell the asset,” he said. “It’s extremely difficult to buy a block anywhere in Portland … There was no hesitation.”

The property is near the Broadway Tower now under construction and other properties that are receiving significant investment, including the Wells Fargo Center and PacWest Center.

Jordan Menashe, a Menashe Properties principal, said Unitus Plaza will be a long-term asset.

“It’s a hold,” he said. “It’s a core asset with a very, very good value-add component.”

The acquisition is part of an aggressive expansion for the Portland firm, which has moved to diversity its portfolio since Jordan, Barry’s son, joined. Jordan’s sister, Lauren, will soon join the firm. She currently serves as manager of business development at Macerich, a major real estate trust based in Santa Monica, California.

Menashe Properties has recently expanded with significant office purchases in the Seattle and Denver markets. The family company has also developed the Canopy by Hilton in the Pearl District and a 62,381-square-foot office building in the West End that has attracted Turner Construction and other tenants.

“We’re ready and willing to go after the next deal,” Barry Menashe said. “We’re looking for larger deals. We’re happy to go after industrial deals and office deals depending on where they are, and we have the ability to make decisions quickly and close quickly.”

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