Terrace Station project, now under construction, changes ownership again

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For the second time in 2018, the Terrace Station project has been sold. In January 2018 the project was sold to Sierra Construction, the contractor building Phase 1 of the project, for $13 million. Now the project has been sold again, less than 6 months later, for $17 million.

The excerpt below is from theregistryps.com, though their post on the sale contains a number of incorrect facts.

"On Tuesday June 5th, Rainier Pacific Properties, a family-owned real estate firm that acquires and develops commercial properties throughout the Puget Sound region, acquired five parcels of land in Mountlake Terrace totaling roughly 15 acres for $17 million, according to Snohomish County records. Rainier Pacific Properties acquired the land from Sierra Construction Company Inc., a Woodinville, Washington-based general contractor and construction company.

Founded in 1986, the company acquires, develops and operates commercial investments of all property types and focuses on long-term ownership in key locations throughout the Puget Sound region, according to its web site. The recent capture of the land adds to the company’s portfolio of twelve other assets throughout the Puget Sound region. Some of Rainier Pacific Properties’ other assets include the 134,000 square foot Verizon office building in Bellevue’s Eastgate neighborhood; the 23,000 square foot Columbia City Post Office building in Seattle; and the 33,000 square foot Woodmont Place Shopping Center in Kent."