In the larger of the two transactions, Portland, OR-basedPacTrust acquired the undeveloped 98-acre Redmond Ridge BusinessPark for $20.5 million. Located within a 1,046-acre master plannedcommunity, Redmond Ridge Business Park has been approved for up to1.2 million square feet of office and light manufacturing space.Roads and utilities have been built, but no vertical developmenthas occurred.

In the other transaction, Bellevue-based developer OpusNorthwest in partnership with Puget Western paid $11 million forthe 52 acres not yet developed at the 89-acre Snoqualmie RidgeBusiness Park. As with Redmond Ridge, the land is fully entitledand shovel-ready for 800,000 sf of office and research space, andis located within a 1,350-acre master planned community that willinclude at build out more than 2,000 homes and a retail center.

Cushman & Wakefield brokers Tom Bohman and Brian Toy had thedisposition assignment for Quadrant Corp. Bohman tells GlobeSt.comthe residential component of the Redmond Ridge master plannedcommunity has been largely built out. With regard to SnoqualmieRidge, Bohman says the largest existing tenant in the park isPhilips Oral Healthcare (formerly Optiva Corporation), which has a275,000-sf office and manufacturing facility on 10 acres. Inaddition to brokering the sale, Bohman has been handed themarketing assignment for the park by its new owners.

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