Lacey Retail Center Sells for $44M

Aug 21, 2026, 11:39 AM

South Sound Business

Destiny Valencia

Originally published on South Sound Business.

The South Sound Center, a retail hub in Lacey owned by development business Capital Development Co., has been sold for more than $44 million to Tourmaline Capital.

The sale was organized by Billy Sleeth of commercial real estate firm Newmark, who represented Capital Development Co. The latter owned and operated the center for six decades. The center is currently anchored by Trader Joe’s, which opened in November 2025 and signed a 10-year lease. Other tenants in the center include Marshalls, PetSmart, Michaels, and Target.

Shopping center representatives said in a press release that its retail spaces were 81% occupied at sale time and that there is potential for future growth with new retail assets and property improvements.

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