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August 05, 2014

I-5 Development Site Sells for $3.6M - Triad Development Acquires Site With Eye Towards Mixed-use Development

CoStar Group

Stephen Basham

Triad Development has acquired a 4.87-acre parcel on I-5 in Mountlake Terrace, WA from CRS Financial III LLC. The land sold for $3.63 million, or about $744,000 per acre.

The parcel is located at 6021 244th St. SW, and is known as Gateway Place. It has utilities in place and had been previously permitted to allow for quick development. The buyer reportedly hopes to acquire an adjacent parcel, with plans to develop a mixed-use multifamily and retail project on the combined sites.

Jeff Chaney and Brian Kenworthy with Kidder Mathews marketed the property and represented the seller. Larry Ingraham with Emerald Properties Brokerage & Development LLC represented the buyer.

See CoStar COMPS #3076916 for more information on this transaction.

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