SEATTLE-Newland Real Estate Group has purchased 4,218-acre parcel in Pierce County from HomeStreet Bank through a foreclosure sale. The parcel was once allocated for a master-planned development called as the Cascadia development.
The bank based in Seattle purchased the property when the developer of the community Patrick Kuo failed to repay his loan worth $75 million on the property in September 2010. Newland has plans to restart construction of the development in early 2012.For the full story, go to Puget Sound Business Journal.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.