Cascade Square building sold to Portland-based Harsch Investment

Harsch Investment Properties has acquired Cascade Square, a 91,864-square-foot suburban office building located off Oregon Highway 217 across from Washington Square Mall in Beaverton.

The purchase price from American Property Management was $15 million.

The 92,000-square-foot Cascade Square office building is contiguous to our Cascade Plaza Shopping Center currently under expansion, and gives us better flexibility to improve the overall development, said Jordan Schnitzer, president of Harsch Investment Properties.

Cascade Plaza Shopping Center is adding a 151,000-square-foot retail expansion to the existing 149,000-square-foot center. Completion is scheduled for summer 2006.

Cascade Square is located at 8625 S.W. Cascade Ave. at the junction of Hall Boulevard and Highway 217 and consists of a six- story office building with an adjacent three-level parking structure. Major tenants include American Express Financial Advisers, Odyssey Health Care of Oregon and Waddell & Reed.

We have hired GBD Architects of Portland to help plan a major, $750,000 renovation to the office building, said Steve Roselli, vice president and regional leasing director. Improvements will include a new entrance and upgrades to the lobby and common areas, which will all contribute to its success as a long-term investment.

Harsch Investment Properties, headquartered in Portland, is a privately held real estate company that acquires, manages and develops properties.

Katy Durant and Gary Gilbert of the Realty Transaction Group represented both parties.

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