HARSCH Investment buys Central Eastside Properties begins redevelopment

HARSCH Investment is more known for its core office and suburban retail and industrial properties that totals over 20 million square feet in 6 different states. But that may be changing. With a 60 year history and the ability to understand a wide range of product types and markets, HARSCH has been closely watching the growing rejuvenation and entrepreneurial energy taking root in core markets in Portland and elsewhere. “We have been closely watching how older somewhat dilapidated central city neighborhoods are attracting higher and more creative uses. The Central Eastside with its location, older but interesting building stock and influx of growing and entrepreneurial companies has been on our radar for some time” says HARSCH VP Steve Roselli.

They took the leap in early 2013 with the purchase of almost three city blocks in the Produce Row Area that was owned by Dealers Supply Company who had outgrown the properties and neighborhood and moved to Northwest Portland into a slick new 160,000 sf facility. With two older buildings primed for redevelopment coupled with a vacant large lot to provide the much desired parking or future development, this basket of sites provided the heft, potential and location that HARSCH could not pass up. This northwest end of the Central Eastside along SE Stark and Washington has been the unabashed leader in this current strong redevelopment cycle that has been occurring all over the close in eastside. Located adjacent to the ground breaking and wildly successful Olympic Mills project, this dozen block area also has seen substantial new investment with Stumptown Coffee’s new corporate headquarters, New Season’s $8 million commissary kitchen along as well as new developments for Olympic Provisions and several new large apartment projects.

The area is on fire with food uses leading the way! HARSCH initial plans are to take the existing structures and inject some innovative design and layouts to provide a wide variety of creative spaces from 800 sf up to 13,000 sf. “We foresee providing some very functional, flexible and design oriented spaces to smaller growing firms with the food sector being an obvious target. We will have the ability to have firms grow within our project and will be able to offer substantial off street parking which is becoming a very desired and rare commodity as the area” says Roselli. Design is on-going with Works Partnership with delivery of spaces in the late first quarter of 2014. Click here for the brochure of the project.

Click here for a flyer of the project