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Why Menashe Properties' First Foray Into Seattle Is Suburban Play
Portland-based Menashe Properties, in a deal led by the 28-year-old VP Jordan Menashe, recently acquired the 225k SF Creeksides at Centerpoint in Kent for $26.5M. Since going non-refundable on the deal, "we've leased it up from 80% to nearly 93%," Jordan tells us. "I plan to grow aggressively but also without overleveraging. It's all about the buy."
Menashe Properties
Menashe Properties bought the property from Unico in an off-market transaction. Why the Seattle suburbs? "As space—and buildings—are very expensive in Downtown Seattle, we see an opportunity for yield in the suburbs," Jordan explains. "People want to work close to where they live, and a lot of folks are living in the suburbs now because of crazy urban pricing, to rent or to buy."
