Gig Harbor retirement property attracts out-of-state buyer as new owner
A senior living community in Gig Harbor has attracted a new owner.
On July 10, Pierce County recorded the sale of The Lodge at Mallard’s Landing retirement community, 6913 to 7083 Wagner Way NW, Gig Harbor, for $67 million. The final sale price is the result of a $6 million personal property deduction from its overall selling price of $73 million.
The deduction included onsite furnishings and items associated with and including the community’s name/brand, according to filings with the county.
The property was developed in two phases from 2010 to 2015 and has an assessed value of $28.14 million, though sale prices are usually determined by additional factors, including financial performance, profitability, market demand, meeting or exceeding regulatory standards and more.
It was sold by an LLC affiliated with the site’s original group of local developer-owners to an LLC affiliated with MedCore Partners of Dallas.
Officials with the Dallas-based entity did not immediately respond to a request for comment on Monday. According to MedCore Partners’ website, the real estate investment firm is involved in healthcare site development, senior living and acquisitions.
The Gig Harbor property offers a full spectrum of senior retirement accommodations, including independent living, assisted living, memory care and respite care and is part of the Senior Services of America network, a property management firm based in Gig Harbor.
MedCore’s portfolio includes more than 20 senior living assets across nine states, whose management is generally handled by specialized operators including Senior Services of America. An online search indicates two Washington state properties owned by MedCore, including Discovery Memory Care in Sequim and Wenatchee Memory Care.
