215-Acre Lender Owned Development Site On Block

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.