Portland, Ore. – January 12, 2021 – Harsch Investment Properties announced today its acquisition of a three-building, multi-tenant industrial office park in the Orchards submarket of East Vancouver, Washington for $11 million dollars. Originally constructed in 1990, the property features 82,235 square feet of rentable space on 4.36 acres and is currently 100% occupied by three tenants.
Vancouver Commerce Park is located southeast of the intersection of I-205 and Washington SR-500 at NE 112th Avenue and NE 37th Circle in the heart of the 112th Avenue corridor. Sometimes referred to as “Contractors Row” for its ready access to materials and service providers, the NE 112th Corridor offers exceptional access to the major arterial links throughout the City of Vancouver, as well as close proximity to Oregon markets. This historically high-occupancy submarket is close to amenities such as Vancouver Mall and many other nearby restaurants, shopping, fitness and hotels.
“We are excited to add this property to our portfolio. We now own and operate 4.5 million square feet in the Portland and Vancouver metropolitan area,” said Jordan Schnitzer, President of Harsch Investment Properties. “We look forward to creating the family management style that the Elorriaga family did so well while taking care of this property for over 22 years!”
Michael Nugent of Capacity Commercial represented the John and Lois Elorriaga Family Trusts in the transaction. The Elorriaga Family had owned the property since 1998, with Dave Brown of Columbia Commercial LLC handling leasing and property management during their ownership.
“We have been pursuing multi-tenant industrial in Clark County for a number of years and it has proven very hard to find,” said Steve Roselli, Senior Vice President and Portland Regional Manager at Harsch Investment Properties. “When Mike Nugent contacted us about this opportunity, we jumped on it the same day with a tour and offer. The project is extremely flexible and efficient with tremendous access to 205, SR-500 and close proximity to retail services and abundant housing.”
“Jordan and his acquisition team stepped up quickly to tie up this high-quality asset,” said Michael Nugent, Senior Vice President of Capacity Commercial. “We initially sealed the deal with a handshake, and it was a pleasure working through the due diligence and closing process with the members of the Harsch team, who were prompt, thorough and professional.”
About Capacity Commercial
Capacity Commercial Group is an owner-operated private commercial real estate brokerage company with a proven track record in the Portland and SW Washington markets. On average Capacity team members have over 20 years experience and collectively have completed over 3,000 transactions for more than $1B total aggregate since the founding of the company.
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. The Portland Regional office operates nearly 4.5 million square feet of space in the greater Portland area with 1 million square feet of office in Downtown Portland.