Menashe Properties Buys American Bank Building for $13.6M – Robert Khodadadian
Menashe Properties has deepened its long-term commitment to downtown Portland by acquiring the American Bank Building. The Portland-based commercial real estate firm, founded by Barry Menashe in 1978, closed on the building located at 621 SW Morrison Street.
The property is on the National Register of Historic Places, situated in the heart of Portland, adjacent to Pioneer Courthouse Square. The 183,735-square-foot building sold for $13.6 million, the lowest dollar-per-square-foot sale in downtown Portland in recent history. The American Bank Building was sold in 2014 for $45 million. The seller was represented by Charles Safley of CBRE’s Pacific Northwest Capital Markets team. This is the first major office sale in Portland’s downtown core since the market downturn in April 2020.
With this purchase, the firm owns and manages over 800,000 square feet of commercial real estate in Portland’s downtown core, including 12th & Morrison, 511 Building, 610 Broadway, Electric Building and Unitus Plaza.
The post Menashe Properties Buys American Bank Building for $13.6M appeared first on Connect CRE.
Menashe Properties has deepened its long-term commitment to downtown Portland by acquiring the American Bank Building. The Portland-based commercial real estate firm, founded by Barry Menashe in 1978, closed on the building located at 621 SW Morrison Street. The property is on the National Register of Historic Places, situated in the heart of Portland, adjacent …
The post Menashe Properties Buys American Bank Building for $13.6M appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate