Harsch Buys Tucson Office & Flex-Industrial Portfolio

Harsch Investment Properties, a Portland-based real estate firm, announced that it had purchased a 190,000 square foot portfolio in Tucson, Arizona for an undisclosed sum. The portfolio includes the 60,000-square-foot Butterfield Corporate Plaza, a high-end office/R&D flex property, and the Tucson Airport Center, a 130,000-square-foot project with office and industrial tenants. Bill DiVito and Jesse Blum of CBRE Tucson served as the listing brokers for both the Butterfield Corporate Plaza and the Tucson Airport Center. The final sale price and terms of the deal were not disclosed.

Bill Rodewald, Harsch Investment Properties southwest regional manager, told GlobeSt.com: "The demographics are impressive not only from the standpoint of population growth but because the median age is so young and dynamic. The University of Arizona is a very big factor in this trend since more highly skilled graduates are now tending to stay in Tucson and create new companies. The Downtown core has been dramatically changed by the Sun Link streetcar line that runs from the university to downtown and has transformed the area to the new hotspot for both student housing and nightlife. These trends should bode very well for the surrounding industrial markets that serve the Tucson and Southern Arizona markets."

For more news and information visit Blumberg Partners.

Goodman Picks Up Seattle Medical Dental Building

The Medical Dental Building at 509 Olive Way in Seattle has traded hands as Seattle-based Goodman Real Estate, Inc. takes over the property. HFF worked on behalf Goodman Real Estate to secure a $69.5 million 20-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors, according to a GlobeSt.com report. Terms of the deal were not disclosed, though it is known that Goodman previously purchased the property in August 2005 for $38 million from Harsch Investment Properties. The building is currently 97% leased to more than 150 tenants, primarily private medical and dental practices.

The 18-story Medical Dental Building between 5th and 6th Avenues in downtown Seattle was originally constructed in 1925 and expanded in 1950. In 2008, the building underwent an extensive rehabilitation and today offers tenants state-of-the-art office suites, valet parking services, a Winter Garden and more. "The Medical Dental Building is such a unique asset due to its location and tenant base," said HFF managing director Casey Davidson. "Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building's location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years."

For more news visit Blumberg Partners.