Berschauer Group purchased the adjacent Historic Cornerstone Plaza Building

Berschauer Group of Olympia, Washington has purchased a five-story parking garage from Market Street MOB LLC for $11.5M. This acquisition comes two years after Berschauer Group purchased the adjacent Historic Cornerstone Plaza Building. Both properties are in the heart of Tacoma’s Central Business District at 13th & Market Street.

The new purchase consists of a parking garage originally constructed in 1951, with 505 parking stalls and 49,443 square feet of office space on the fifth floor added in 1985. The parking garage includes four electric vehicle charging stations and a sky bridge on the third level to connect the Cornerstone Plaza Building. Both properties are leased long term to Franciscan Health System.

Berschauer Group owns several properties in both Pierce and Thurston County. “The Cornerstone Building has proven to be a great investment; it is currently 100% occupied.  With the addition of the parking garage, this investment completes our portfolio” says Pat Berschauer, Chairman and CEO of Berschauer Group.

In addition to developing and purchasing properties, Berschauer Group has actively engaged in commercial construction since 1980 and serves as a general contractor on several projects up and down the I-5 corridor. They are currently constructing a $10M Performing Arts Center for Bonney Lake High School. Other recently completed projects include the $25M modernization of North Thurston High School in Lacey, Hawkins Elementary School in Belfair, and the Billy Frank Jr. Community Services Center on the Nisqually Tribal Reservation.

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

Port of Kalama opens new offices, museum

The Port of Kalama last week held a grand opening event for its Kalama Transportation Interpretive Center, which has a museum and new port offices at 110 W. Marine Drive.

The 13,500-square-foot center was designed by Collins Architectural Group of Longview to resemble a traditional waterfront warehouse from the 1800s, reflecting on the area’s past as a commercial and transportation hub. It houses cultural artifacts, memorabilia and replicas in 4,200 square feet.

Some of the items on display are a canoe carved from a cedar log by Cowlitz artisan Robert Harjeu, an Oregon Trail-style covered wagon, a 1929 Model AA Ford truck and a replica of the Tacoma, a late-19th-century railroad ferry.

“Kalama has such a rich history and this Interpretive Center will illuminate how really distinctive our past is and how our roots in commerce and transportation have created what we are today,” said Port of Kalama Commission President Alan Basso in a news release. “Those assets continue to draw international business to the region. Much of what made Kalama replete and thriving in the past still holds true today.”

The project was built by Berschauer Group under a $4.5 million contract

Story by Daily Journal of Commerce, November 14, 2014.