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Newmark Facilitates $44M Sale of Grocery-Anchored Retail Center in Washington
Newmark has arranged the $44.1 million sale of South Sound Center, a 384,153-square-foot, grocery-anchored retail center located at 711 SE Sleater Kinney Road in Lacey, Washington.
Newmark Executive Managing Director Billy Sleeth represented the seller, Capital Development Company. The buyer was Tourmaline Capital. South Sound Center, a dominant retail hub serving the greater Lacey and South Sound region, was originally developed by Capital Development Company, which has owned and operated the center for approximately six decades.
The property is anchored by Trader Joe’s, which recently executed a new 10-year lease and opened in November 2025, reinforcing the center’s role as a high-performing grocery-anchored destination. Additional national tenants include Marshalls, PetSmart and Michaels, with Target serving as a shadow-anchor. Situated along a major retail corridor between two Interstate 5 interchanges, the property was 81% occupied at the time of sale, offering the buyer a clear pathway to drive additional value through lease-up, operational enhancements and strategic capital improvements.
