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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.

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