An affiliate of Starwood Capital Group acquired nearly eight acres in Renton, Washington, and paid $8.8 million, reported the Puget Sound Business Journal. That selling price is $5 million less than what Seco Development paid for the vehicle-storage lot in early 2020.

Seco had filed with the city plans for Southport West, a 1.1-million-square-foot mixed-use office expansion of the 17-acre Southport development on Lake Washington. It’s unclear if Starwood will execute the plans which included a mixed-use office development, but a city spokesperson said there has been no recent land-use permitting activity according to the outlet. Southport features a waterfront office campus and is located on the southern shore of Lake Washington next to the Renton Landing lifestyle center.

The Miami-based Starwood Property Trust, which belongs to the Zacks REIT and Equity Trust industry, recently announced its second-quarter earnings and posted revenues of $515.67 million for the quarter, compared to revenues a year ago of $325.59 million.