The purchase price for the office building was $15 million or $163 per sf. The seller was American Property Management. Katy Durant and Gary Gilbert of the Realty Transaction Group represented both parties.
The acquisition comes one year to the month after it acquired the eight-acre former Tyco/ViewMaster facility that also borders the 149,000-sf shopping center. That land is being used to double the size of the center with additional in-line space and a couple of restaurant pads. The $25-million project, which includes a remodel of the existing center, has a mid-2006 completion date.
The office building, at the junction of Hall Boulevard and Highway 217 is a six-story office building completed in 1985 that comes with an adjacent three-level, 313-slip parking structure. Major tenants are American Express Financial Advisers (4,117 sf), Odyssey Health Care of Oregon (6,733 sf) and Waddell & Reed (7,697 sf). The gross asking rate for space in the building is $21.50 per sf per year.
Harsch Investment's regional leasing director Steve Roselli says GBD Architects has been hired to design a $750,000 renovation of the office building. Improvements will include a new entrance and upgrades to the lobby and common areas.
Harsch Investment has been very acquisitive lately. For recent stories, click on one of the following links:
- Oct. 11, 2005: Portland Investor Adds $46M of NorCal Assets
- Sept. 1, 2005: Harsch Buys 274,000-SF Industrial Park for $24M
- Aug. 8, 2005: Harsch Makes Local Inroads With 112,000-SF R&D Grab
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