LACEY, WA-A 215-acre mixed-use development site known as Lacey Gateway Town Center here is on the block for sale. Kidder Mathews broker Vanessa Herzog, who is marketing the sale, tells GlobeSt.com that the seller is Lacey Gateway LLC, a subsidiary of HomeStreet Bank.
While Herzog doesn’t detail reasons for selling, she points out that the type of investors that will most likely be interested in the site will be developers, most likely in a wide variety including developers of retail, office, institutional, medical office and multifamily. The potential town center has full development support and cooperation of the local municipality.
According to a prepared statement, preliminary entitlements and improvements are already in place. Funding grants provided the basic infrastructure to the area adjoining the site, and $14 million of additional funding is available when development benchmarks are also met.
When asked how much the site is expected to fetch, Herzog, who is also working with Kidder Mathews’ Ryan Haddock and Benjamin Norbe, says that there is no expectation. “The site is unpriced and has no minimum,” she says.
The site surrounds Cabela's, known as “the world's largest direct marketer of hunting, fishing, camping, and related outdoor merchandise,” according to a prepared statement, and has the distinction of being “the largest contiguous property adjacent to I-5 available for purchase in Washington state,” according to a prepared statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
