Quadrant Corp. Sells 150 Acres of Business Park Land for $32M

In the larger of the two transactions, Portland, OR-based PacTrust acquired the undeveloped 98-acre Redmond Ridge Business Park for $20.5 million. Located within a 1,046-acre master planned community, Redmond Ridge Business Park has been approved for up to 1.2 million square feet of office and light manufacturing space. Roads and utilities have been built, but no vertical development has occurred.

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

Cushman & Wakefield brokers Tom Bohman and Brian Toy had the disposition assignment for Quadrant Corp. Bohman tells GlobeSt.com the residential component of the Redmond Ridge master planned community has been largely built out. With regard to Snoqualmie Ridge, Bohman says the largest existing tenant in the park is Philips Oral Healthcare (formerly Optiva Corporation), which has a 275,000-sf office and manufacturing facility on 10 acres. In addition to brokering the sale, Bohman has been handed the marketing assignment for the park by its new owners.

GlobeSt.com reported in April that AMB is marketing for sale its 400-acre portfolio of commercial land in order to focus on homebuilding, which provides for more predictable earnings for its publicly traded parent company. Redmond Ridge and Snoqualmie Ridge are the two largest chunks of the portfolio. The next largest is 67 acres of undeveloped industrial park at the Northwest Landing master-planned community in DuPont, WA. Quadrant SVP Susan Heikkala tells GlobeSt.com that a piece of that park has been tied up, but she declined further comment until the transaction is complete. Other big concentrations include 25 acres in Auburn, WA and 40 acres in Federal Way, WA.

"This is not a fire sale," Quadrant SVP Wally Costello told GlobeSt.com in April. "We will make the right business decision."