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Oregon firm buys $6.8 million chunk of FWay
A Portland, Ore.-based real estate development company has increased its holdings in Federal Way by acquiring Campus Park, a 77,962-square-foot light-industrial complex.
The property, located at 1020 S. 344th St., was purchased by Harsch Investment Properties for $6.8 million.
The seller was Bayview Inn Partners. The Seattle office of Colliers International, a commercial real estate firm, represented Bayview and Harsch.
Built in 1987, the three-building Campus Park is located on 5.2 acres and is 87 percent leased, according to Harsch. Tenants include American Medical Concepts, Berger/Abam Engineers, R. Expo and Iron Hot Design.
Harsch already owned three retail/professional centers in Federal Way Celebration Center at South 324th Street and Pacific Highway South, Pavilions II on Pacific and SeaTac Village on South 320th Street.
SeaTac Village was purchased last year.
The Mirror is a tenant in Celebration Center.
Jordan Schnizter, president of Harsch, said the acquisition of Campus Park increases our presence in the South Sound area and works synergistically with our other properties in the surrounding area.
Harsch also owns Fife Business Park in Fife, West Business Park in Auburn, three business parks in Seattle and a commercial center in Bellevue.
Strong growth and low unemployment make the South Sound market attractive, and Harsch wants to keep buying, according to Tim Mitchell, vice president.
The company owns and operates 20 million square feet of office, retail and industrial space in 130 properties in five Western states. The real estate is valued at $2 billion. Another 2.7 million square feet is under construction
Harsch also owns and manages more than 1,500 multi-family housing units.