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Harsch Buys 8 Acres Adjacent to Cascade Plaza

BEAVERTON, OR-The locally based real estate company pays $5.4 million for the former ViewMaster property next to its 149,000-sf Cascade Plaza Shopping Center. The purchase is part of a $25-million effort to remodel and expand the center to 285,000 sf.

By Brian K. Miller | Updated on October 04, 2004

BEAVERTON, OR-Harsch Investment Properties is gearing up for a $25-million remodel and expansion of Cascade Plaza Shopping Center, a 148,000-sf retail center here located across Highway 217 from Washington Square Mall. The project will take the shopping center to 285,000 sf. Construction is to begin in spring 2005 with completion scheduled for fall 2006. To make room for the expansion, Harsch recently paid $5.4 million for the adjacent 8-acre former Tyco/ViewMaster facilty. The seller was Hall Street Associates LLC, which includes Seattle parking lot magnate Joe Diamond. Mark Fraser of GVA Kidder Mathews and Katy Durant of Trammell Crow Company represented the seller. “We have had our eye on this property for some time,” says Harsch president Jordan Schnitzer. Issues related to chemical contamination on the property kept the company from acquiring it much sooner. Nearly all of the old plant will be demolished. Part of one building will be preserved.Cascade Plaza was built in 1951 and significantly remodeled in 1989. Harsch purchased the center in April 1993. Major tenants now include Linens & Things, Powell’s Bookstore, David’s Bridal, Burlington Coat Factory and Benihana. Elsewhere on the Westside, Harsch owns Tigard Towne Square, Canyon Place and Fashion Square. Harsch Investment currently owns and operates 125 properties in six Western states and Oklahoma. Its commercial real estate portfolio comprises more than 17 million sf of office, retail and industrial properties. In addition, the company owns and manages more than 2,500 multifamily housing units.

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