Historic Downtown Building Changes Hands

VANCOUVER, WA-The Heritage Building in downtown Vancouver has a new owner. Nexus Properties LLC, a Portland real estate investment firm owned by the Kasch family, purchased the six-story, 29,000-sf building at 601 Main St. from Dwight Irby for $1.6 million. Colliers International broker Scott Fraser handled both sides of the transaction, which closed Jan. 2.

The historical building, extensively updated in 1989, is located at the corner of Main and Sixth streets. It is broken up into “a bunch of tiny offices” and about 30% occupied, Erich Kasch tells GlobeSt. Kasch hopes to consolidate the existing tenants on a couple of floors in hopes of attracting one or two full-floor tenants. Irby, who owned the circa 1912 building for 10 years, operates a pawnshop on the first floor that comes with a three-year lease. Full service lease rates in the building are expected to be around $15/sf, but “every deal is negotiated,” says Fraser.