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 Group, 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.