Cornerstone Building on Broadway sold for $8 million

Olympia’s Berschauer Group has bought a four-story office building on Broadway for $8 million.

The Cornerstone Building in Tacoma once housed a Sears department store. The Olympia investor bought the 19th-century structure in December, according to county records.

Pat Berschauer said the anchor tenant will remain CHI Franciscan Health, which has another eight years on its lease with the possibility of extensions. A Charles Schwab broker is also in the building.

The ground floor is vacant, but perhaps not for long.

“The first floor, its either going to be office or retail,” he said.

News Tribune archives show the Cornerstone Building, at South 13th Street and Broadway, was sold in 1981 for “in excess of $10 million” and renovated the following year.

Kate Martin: 253-597-8542, @KateReports