91视频

Harsch Investment Properties President Jordan D. Schnitzer had just enough time to sneak in a half hour workout on Monday morning.

鈥淔orty-five minutes would’ve been better,鈥� Schnitzer said. 鈥淗ow much weight do I need to lose?鈥� I’d say 10 pounds would be great, but 鈥︹�� Schnitzer trailed off, laughing.

While Schnitzer would not mind his own waistline shrinking a bit, he is thrilled that the waistline of his company is growing so robust. Schnitzer said Harsch has added around $100 million in acquisitions to the portfolio in the last six months.

鈥淥ur objective is to try to dramatically increase the size of the company in all six of our regions in the states we’re in,鈥� Schnitzer said.

The latest acquisition for the Portland based company is the Northgate Business Park in Natomas, California, a suburb of Sacramento. The property is a 12-building, 153,791 square-foot industrial flex space with direct access to interstates 80 and 5. With more than 63 tenants, the park is 92 percent occupied.

Schnitzer declined to identify the exact cost of the property

鈥淧ut this down in a quote,鈥� he said, laughing again. 鈥溾�楶aid more than we should and less than we wanted to.’鈥�

Harsch has earned a reputation for acquiring properties with strong demographic markets. Schnitzer said Natomas fits the mold given that after Hurricane Katrina devastated New Orleans, the U.S. Army Corps of Engineers reevaluated the condition of levees around the country, including those in the area of Natomas. As a result of that study, there had been a prohibition on any development in Natomas for the past five years.

鈥淭hey’ve now worked through those issues,鈥� Schnitzer said.

The newly purchased property isn’t Harsch’s first investment in Natomas. The firm previously had purchased 800,000 square feet nearby, but the newly purchased cluster of buildings is on a major street with more traffic and will allow Harsch to put a small office in Natomas.

Schnitzer sees Sacramento as 鈥渁 solid, steady鈥� market.

鈥淚t got hit pretty hard during the recession,鈥� he said. 鈥淚t hasn’t had the kind of rebound that Seattle, Portland, San Francisco have had.

鈥淥ur whole view with Sacramento is that it’s not a quick-buck town. But, we like to go into our markets and become a part of the community, and work hard and serve our tenants.鈥�

Part of serving the tenants in the park will include spending roughly $1 million on new roofs, a new HVAC system and paving.

鈥淲e look at each one of our tenants 鈥� and we have almost 4,000 in the portfolio 鈥� like it’s our own space,鈥� Schnitzer said. 鈥淚t’s like inviting people into your living room. Therefore we take maybe a little extra effort to make sure every tenant’s space is a space we’d be proud of having our family and friends in.

鈥淪ometimes we don’t maybe get as much return as others on the front end, since we spend a little more, but since we’re long-term owners, everything seems to work out in the end pretty well.鈥�