Search
 

672-Acre Tract To Be Sold at Auction

SHELTON, WA-The expansive property along highway 101 here, about 20 minutes from the state capital, is being foreclosed on through a sheriff's sale later this month.

By Brian K. Miller | Updated on May 01, 2005

SHELTON, WA-One of the largest parcels available in the South Puget Sound area will be sold at auction next month by the Mason County Sheriff. Zoned for a mix of uses, the 672-acre tract is located across Highway 101 from Wal-Mart and Fred Meyer, about 20 minutes west of Olympia and Interstate 5.The auction is the method the lender has chosen to foreclose on the property, John Rosenthal tells GlobeSt.com. Rosenthal is president of Realty Marketing Northwest, the company hired to generate interest in the property for the lender, Paradigm Financial Services, an affiliate of the Confederated Tribes of Grand Ronde. In most cases, the lender does the minimum required marketing, goes to the sale, bids their credit, ends up the high bidder and then owns the land, says Rosenthal. “The thing that’s different here is our client is not in the real estate business; they don’t want to own it,” he says. “So we’ve been hired to market it.”Because of its size and 90% of it being within the City of Shelton, developers and investors comprise most of the interested parties, Rosenthal says. Part of the property fronting the highway has been rezoned commercial. The rest of the land is zoned for residential and an industrial business park, he says. The total loan on the property is $18 million or about $26,785 per acre. “It’s not going to sell for that [much],” Rosenthal says. “So the question is what is the market value.”According to published reports, the one-time timber tract sold in 1999 for $7.3 million or about $10,100 per acre. The seller was the late Shelton contractor John Kneeland, who assembled some 800 acres one both sides of Highway 101. In the 1990s, Wal-Mart bought its land from Kneeland for more than $100,000 per acre.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.