(Newswire.net — March 31, 2015) Portland , OR — Jordan Schnitzer, president of Harsch Investment Properties, a privately-held real estate investment, development and management company, announces the acquisition of Parkside Business Center, a 735,073 square foot business park property located in Beaverton, Oregon, across Hwy. 217 from Washington Square Mall, the largest retail shopping mall in Oregon.
“Parkside Business Center is the premier business park in the Portland Metro Area,” said Mr. Schnitzer. “The property is currently 93% leased to 218 tenants. We were very excited when RREEF Property Trust, who owned the property for 20 years on behalf of LACERA (Los Angeles County Employees Retirement Association), decided to sell the property. For many years, we had hoped to acquire this property.”
The prominent location makes this one of the most desirable business parks in the 217 Corridor, seven miles southwest of Portland, with fabulous housing, schools, and shopping nearby. The project consists of three distinct product types—light industrial, office, and mini storage—and has substantial parking.
“This acquisition is the beginning of our company’s aggressive growth to double our size in the next ten years. This acquisition increases our Portland holdings to over 3.5 million square feet out of a total corporate portfolio of 22 million square feet,” continued Mr. Schnitzer. “I want to especially thank Buzz Ellis and Paige Morgan of JLL who served as the listing brokers for the Parkside Business Center for bringing this to our attention, and compliment RREEF who always does an excellent job managing properties they own on behalf of their clients.”
“We’re very excited to be dramatically increasing our business park presence in the 217 marketplace,” added Steve Roselli, senior vice president and Portland regional manager for Harsch Investment Properties. “We have seen extremely strong activity in our existing industrial and flex projects, and look forward to continuing to serve our new tenants at Parkside Business Center. This is a product type we know well, and we anticipate continuing its great performance.”
About Harsch Investment Properties
Harsch Investment Properties is a privately-held real estate company that acquires, manages and develops properties for its own portfolio. Founded in 1950, the company owns and operates 22 million square feet of office, multi-tenant industrial, multi-family and retail properties in six western states. Headquartered in Portland, Oregon, Harsch has regional offices in Portland, Seattle, the San Francisco Bay Area, Sacramento, Las Vegas, and San Diego. More information can be found by going to http://www.harsch.com.