Home AEC Several Vacant Land Sites in King and Snohomish Counties Sell for Combined...

Several Vacant Land Sites in King and Snohomish Counties Sell for Combined $49.6MM

By Jack Stubbs

Land throughout the Puget Sound region is at a premium right now, and a handful of different development sites totaling 31 acres throughout King and Snohomish Counties sold for a combined $49.6 million at the end of June, according to public records filed with King and Snohomish Counties for four separate transactions.

On Friday, June 29th, a 4.1-acre plot of vacant land in Bellevue sold for $14.1 million, according to King County records. The buyer was Seattle-based Umbrella Development LLC and the seller was Sandra Forman, a private investor based in Everett. The seller acquired the property in 2003 for $3.9 million.

The property, located at 1723 127th Ave. NE, comprises 4.1 acres of vacant/light industrial use land. The parcel also includes a 800 square foot Class C office building constructed in 1970. The property is approximately 3.5 miles northeast of downtown Bellevue and roughly two miles from the intersection of Interstate-405 and Washington State Route 520.

Also on June 29th, four parcels totaling almost 15 acres of vacant land in Federal Way sold for $10.64 million, according to public documents. The buyer, Lennar Northwest Inc., shares the same address as Lennar Northwest, one of the nation’s leading homebuilders. The seller shares the same address as Fulcrum Real Estate Services, a property management company based in Tacoma.

The four parcels, located at 1500 SW 356th St., comprise 14.5 acres of vacant land that is zoned for single-family/residential use. According to Lennar’s web site, the company has plans to open the Retreat Meadows in Federal Way in Fall of 2018. The community will include state-of-the-art home automation technology, as well as five floorpans ranging from 3,017 to 4,105 square feet. The units, which are now selling, will range from $599,905 to $749,950.

The four-parcel property is approximately 5 miles south of Federal Way and about 8 miles northeast of downtown Tacoma. Additionally, the property is approximately 2.5 miles from access to Washington State Route 99 and two miles from State Route 509.

Originally founded in 1954, Lennar has since become one of the nation’s largest home-builders and operates in 21 states and 49 markets across the country, according to the company’s web site. Some of Lennar’s home communities in the Puget Sound region include the Bridges in Auburn; Eagle Glen North in Lake Stevens; the East Village at Ten Trails in Black Diamond; and McCormick Creek in Gig Harbor.

On Thursday, June 28th, roughly 12.5 acres of vacant land—zoned for single-family residential use—in Bothell sold for $14.9 million, according to Snohomish County records. The buyer was SSHI LLC, an entity associated with Matt Farris based in Kirkland. The seller shares the same address as Westcott Homes, a homebuilder based in Bothell.

The four parcels, located at 1421 Seattle Hill Rd. in Bothell, comprise approximately 12.5 acres of vacant land. The property is approximately 2 miles south of Mill Creek, six miles from Paine Field Airport and one mile from access to Interstate-405.

The final sale was for a mobile home park in Lynnwood. On June 29th, the Serene Terrace Mobile Home Park sold for $10 million, according to Snohomish County records. The buyer was Tarnegolet Serene Terrace LLC, an entity affiliated with Judy Tsai based in Yakima, Washington. The seller was Serene Terrace Mobile Homes Park Inc., an entity affiliated with Judith Neilson based in Seattle.

The Serene Terrace Mobile Home Park, located at 14322 Admiralty Way in Lynnwood, was built in 1959 and is comprised of 131 sites, according to the property listing on www.mhvillage.com. The sale was for four parcels totaling 16.9 acres, according to public documents. The community is approximately 3 miles south of Paine Field Airport, 2.5 miles from Washington State Route 525 and roughly four miles north of Lynnwood.