Portland, Ore. – December 17, 2020 – Harsch Investment Properties announced today its acquisition of a light industrial office building at 625 North Thompson Street for $6,550,000 million dollars. The property features one building totaling 48,623-square-feet of rentable space on 2.24 acres and is occupied by North Coast Electric at the time of sale.
Located approximately one mile to Interstates 5, 84, 205 and Highway 99 on North Thompson Street in the heart of the Lower Albina District, the North Thompson property offers exceptional access to the major arterial links throughout the Portland Metropolitan Area.
“This was a unique opportunity to acquire a well-located warehouse property with a large yard,” said Jordan Schnitzer, President of Harsch Investment Properties. “Our corporate objective is to build and acquire properties that serve our community. With this acquisition, we now own and operate 6 million square feet of commercial properties in the Portland Metropolitan Area.”
Mark Hush of Newmark’s Portland office represented the Lemman Family et al. in the transaction. The manufacturing/warehouse facility was constructed in 1970. For a close-in Business District property it has an expansive parking and storage lot, a feature that is increasingly in demand for rapid delivery.
“We believe that close-in industrial properties with strong functionality will continue to see increased demand and rent growth,” said Steve Roselli, Senior Vice President and Portland Regional Manager.
“The asset attracted significant interest from both the owner/user and investor community as we received multiple offers,” said Mark Hush. “Harsch Investment Properties is a quality buyer that was able to meet the needs of the seller. This was a win-win for all parties involved.”
The Portland industrial market saw a 2.8 million square foot increase of space in the third-quarter, according to Newmark Research. The vacancy rate continues to hover at around 4.7 percent while absorption remains robust, seeing a positive 422,663 square feet of movement in the third quarter. Despite economic impact due to the pandemic, Portland’s industrial market metrics should continue to show a strong performance.
About Harsch Investment Properties
Harsch Investment Properties is a privately-owned real estate company that acquires, manages and develops properties for its own portfolio. The company owns and operates 27 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, San Diego, and Tucson. To learn more, visit www.harsch.com.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Their integrated platform seamlessly powers every phase of owning or occupying a property. Together with London-based partner Knight Frank and independently owned offices, their 18,800 professionals operate from approximately 500 offices around the world. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
Contact: Christina Blaser
Phone: (626) 318-7508