Arlington-based Forestar Real Estate Group is snatching up more space in the Puget Sound. In a recent transaction, the Arlington, Texas-based firm paid $50.4 million for the Cathcart Way Operations Center in Snohomish. The property was sold by Cathcart 144, LLC, a Lake Stevens-based entity linked to Tim Kaintz and Ty Reoh, according to Snohomish County public records.
Cathcart Way Operations Center is located at 8915 Cathcart Way and was formerly utilized as a garbage dump site for the county. Property records show that the site spans nearly 20 acres.
The property is situated near State Route 9 and near Glacier Peak High School, Little Cedars Elementary School and various businesses.
While it is unclear what plans Forestar Real Estate Group may have for the site, the firm, which is a subsidiary of D.R. Horton, is a residential lot development company working in 52 markets and 20 states throughout the nation. Over the past year, the firm has developed more than 12,900 residential lots, according to its website.
Other industrial land sites have sold in Snohomish in recent months.
In one deal that closed in January, a 17.77-acre recycling site in Snohomish traded for $30.9 million. The property was acquired by DTG Recycling from an entity linked to United Recycling.
