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Harsch Buys Office Building Next to its Retail Center

BEAVERTON, OR-One year after acquiring the eight-acre former Tyco/ViewMaster facility bordering its Cascade Plaza shopping center here, Portland-based Harsch Investment Properties adds another contiguous property, Cascade Square, a 91,864-sf suburban office building.

By Brian K. Miller | Updated on October 15, 2005

BEAVERTON, OR-In a value-add play contiguous to its 99% leased Cascade Plaza shopping center, Harsch Investment Properties has acquired Cascade Square, a 91,864-sf suburban office building that is 60% leased. The properties are located across Highway 217 from the 1.3-million-sf Washington Square Mall.

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.

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