UPDATE as of 3:40 p.m. Troyer said the man who died is a 28-year-old, who they believe lived in University Place. They have identified him, but officials have not yet released his name.
Based on the history of the area, and weapons at the scene, "we believe the probability is that it was drug and or gang related," Troyer said.
The victim's vehicle was parked near the scene, he said.
The man was found in an area between two strip malls, down an embankment that is not visible from the roadway or nearby businesses, Troyer said.
Deputies are speaking with witnesses and looking at video to try to get a more complete suspect description to release, Troyer said.
INITIAL POST: A man was fatally shot about 2:30 p.m. near South 56th and South Orchard streets in University Place, Pierce County sheriff's spokesman Ed Troyer said.
He said two suspects wearing baseball hats fled the scene.
Further details were not immediately available. Troyer said about 3 p.m. that he was on his way to the scene, and expected to have more information shortly.
Check back for updates.