Harsch Pumps Up Bay Area Presence

SAN FRANCISCO-Jordan Schnitzer is happy about what his Portland, OR-based real estate company Harsch Investment accomplished in 2003, acquiring $114 million worth of Western US real estate and spending another $67 million on new development.

The activity marked the company’s 52nd year of accomplishing more than it had the year before; however, noticeably absent in all the bustle was the Bay Area, where the company owns 1.1 million sf of industrial, office and retail property.

All told, Harsch owns and operates some 14 million sf of office, retail and industrial properties and more than 2,700 multifamily housing units in seven states: Oregon, Washington, California, Nevada, Arizona, Colorado and Oklahoma. Some of the key acquisitions for 2003 included the 380,000-sf Stephanie Street Power Center in Henderson NV, for $54 million; the 86,000-sf Carmel Corporate Plaza office center in San Diego, for $18 million; the 380,000-sf Valley View Industrial Center in Las Vegas, for $22 million, and; the 66,000-sf Director office building in Downtown Portland for $9.4 million. Development projects included the 135,000-sf Pavilions Shopping Center in Federal Way, WA for $25 million and the addition of 230,000 sf at the 100-acre Riverside Commerce Center development in West Sacramento for $21 million.