Foreclosure sale looms for College Marketplace properties

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Back in July we reported that much of the vacant land remaining in Poulsbo’s College Marketplace was bound for a trustee’s sale on Oct. 16. 

The public auction is moving ahead, according to a notices of trustee’s sale published Thursday.

The sale will include about 40 tax parcels totaling 60 acres. The properties border the Walmart, Home Depot and Big 5/OfficeMax complexes at the interchange of Highway 3 and Highway 305.

According to the notices, the land owner, Olhava Associates of Edmonds, owes more than $17 million in unpaid loan principal MUFG Union Bank, successor to defunct Frontier Bank. 

The sale won’t include two parcels identified as 3H and 3I, where a car wash and Starbucks are planned. Those parcels recently sold and the notice of trustee’s sale for the Olhava properties was amended to exclude them.

The notices appeared on pages 10B and 11B of the Sept. 17 Kitsap Sun.

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