Berschauer Group buys Historic Cornerstone Building in Tacoma

Berschauer Group recently purchased the historic Cornerstone Building in Tacoma’s downtown area from Regence Blue Shield. You can read more about the transaction here.

South Sound Business Examiner

Daily Journal of Commerce

Tacoma News Tribune

 

Regence Blue Shield recently sold the Cornerstone Building at 1148 Broadway in Tacoma’s central business district to Berschauer Group from Olympia for $8 million.

Berschauer Group is a construction and development company focused on commercial, health care, industrial and mixed-use projects.

CHI Franciscan Health System has a long term lease on three floors and Charles Schwab has a branch office on the first floor. Neil Walter Co. is the leasing agent and property manager.

The Cornerstone opened in 1892 as a dry goods store and Sears Roebuck & Co. later operated a store there, in what was Tacoma’s retail hub.

The space was renovated in 1982 for office space. A skybridge connects it to Franciscan’s headquarters and garage.

Berschauer Group owns property in Pierce and Thurston counties. In 2013, the group bought Allenmore Medical Office building on the Multicare Hospital Campus for $10 million from Unico Properties.

Berschauer Group was a co-owner/developer for Union & Madison apartments on Capitol Hill in Seattle.

Pat Berschauer is chairman and CEO of Berschauer Group. He said the company looks for property where it can use its construction expertise to renovate and upgrade.

– Story from Daily Journal of Commerce 3.1.17