Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SHELTON, WA-One of the largest parcels available in the South Puget Sound area wasn’t sold at a Mason County Sheriff foreclosure auction last week as planned. A source with Realty Marketing Northwest, the company hired to market the sale, tells GlobeSt.com the debtor was able to stop the sale by declaring bankruptcy at the last minute.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. 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. The auction was the method by which the lender had chosen to foreclose on the property. The lender is Paradigm Financial Services, an affiliate of the Confederated Tribes of Grand Ronde. The name of the debtor was not immediately available.Realty Marketing Northwest president John Rosenthal tells GlobeSt.com the sale is on hold indefinitely. “The borrower declared bankruptcy, so the sheriff’s sale was cancelled,” he says. “The sale will be rescheduled once [the lender] goes through all the legal hoops.”The total loan on the property is $18 million or about $26,785 per acre. Prior to the scheduled sale, Rosenthal said the property wouldn‘t sell for that much. 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.