Quadrant Selling Off 400 Acres of Commercial Land, Focusing on Homes

BELLEVUE, WA-Quadrant Corp. is shedding its commercial land holdings to focus on homebuilding. The Bellevue-based real estate arm of publicly traded Weyerhaeuser Company has approximately 400 acres of commercial land on the market worth an estimated $150 million.

Quadrant SVP Wall Costello tells GlobeSt.com that while the company has always been both a commercial developer and a homebuilder, there has been a strategic change in the company to focus only on homebuilding, which has grown from 260 homes a year a few years ago to 1,000 homes a year today. The goal now is to grow the business to 200 homes a year, says Costello, adding that homebuilding also provides for more predictable earnings for its publicly traded parent company.

To accomplish its homebuilding goal, Costello says the company needs to shed its merchant building roots. Costello says the bulk of the commercial land that’s for sale consist of entitled business parks within three master planed communities, including 98 acres at Redmond Ridge near Redmond, WA; 89 acres at Snoqualmie Ridge in Snoqualmie, WA; and 67 acres at Northwest Landing in DuPont, WA. Other big concentrations include 25 acres in Auburn, WA and 40 acres in Federal Way, WA.