Harsch Picks Up Phoenix Office Building for $8.5M

The building, Black Canyon Business Center, sits on a 6.88-acre site at 2411 W. Rose Garden Lane. The seller of the project was Wolfe-Gang Partners LLC. Tod Thorpe is the LLC's managing member. Andrew Meyers of San Diego-based BRE Commercial/NAI handled both sides of the transaction.

In January, Harsch sold an apartment property in Phoenix, unloading the 123-unit Que Bonita development for $5.7 million. At the time, Harsch President Jordan Schnitzer told GlobeSt.com it was the company's only multifamily asset in the market and so it made sense to sell it and reinvest the proceeds in a 10-31 exchange. Jordan could not immediately be reached for comment on whether the proceeds from that sale were used in this latest purchase.

Also in January, Harsch acquired this month a 25,000-sf office building in Portland that is located less than a block from the company's headquarters. Schnitzer said in January his motive for the purchase was to secure future office space for his growing company, though at the moment the building is fully leased.

The building is located on the opposite side of Salmon and on the other side of 11th Avenue from Harsch's 60,000-sf headquarters building, which sits on a half-block at 1121 SW Salmon. Also at the intersection is a three-quarter-block Harsch owns and currently utilizes as a surface parking lot for employees and the public.

Schnitzer made $150 million in acquisitions in 2001 and Schnitzer says he plans to invest closer to $200 million in 2002. As of the end of the year, Harsch had about $1.1 billion in assets, 425 employees and more than 7,500 tenants.