the Real Estate Empire
compiled by George Draffan, Endgame.org
During the nineteenth century, three quarters of the continental United States was sold or granted to homesteaders, war veterans, local governments, and corporations. Between 1850 and 1870, ten percent of the lower 48 states was set aside to help finance and operate the transcontinental railroad and telegraph systems. Railroad corporations were entrusted with millions of acres of land and instructed to build and operate the nation's transportation and communications systems. Instead, the railroads sold millions of acres to timber, mining, and real estate corporations, and railroad land grant-based corporations are still today the largest landowners in California, Oregon, Washington, Montana, Idaho, Nevada, and Utah. For more background information on the land grants and the modern empires, visit the Railroads & Clearcuts Campaign.
Weyerhaeuser was one of the biggest beneficiaries of the railroad land grants. In the 19th century, Frederick Weyerhaeuser was railroad empire builder Jim Hill's next door neighbor in St. Paul Minnesota. They served on each other boards, and cut many a deal. Weyerhaeuser began his career by deforesting the upper Mississippi River pine forests of Wisconsin and Minnesota, buying up or destroying its competitors along the way (we've traced more than 200 subsidiary corporations, many of them abandoned after the trees are cut).
Today, Weyerhaeuser holds million of acres of timberland. Much of the US timber holdings are based on huge purchases from Hill's Northern Pacific Railroad land grant, including 300,000 acres in Wisconsin and Minnesota, 1,500,000 acres in Washington, and 500,000 acres in Oregon (these Oregon lands were sold in the 1990s). In the early 1900s, Weyerhaeuser incorporated Boise (Payette) Cascade to take Northern Pacific grant lands in central Idaho, and created Potlatch to exploit the pines in northern Idaho and Minnesota. Over the years Weyerhaeuser used its profits to move into the Southern US, the Philippines, Indonesia, Australia, New Zealand, Uruguay, and elsewhere. For more information on Weyerhaeuser history and operations, click here.
As Weyerhaeuser's timberland is cut, and as urban areas expand into the surrounding countryside, Weyerhaeuser has begun developing the real estate potential of its lands: houses, commercial and industrial properties, business parks, golf courses. This growing real estate empire is the subject of this webpage.
ARKANSAS REAL ESTATE DEVELOPMENTS
"We have identified specific tracts for sale which include timber land, recreational land, and higher-and-better use lands. Periodically, property is available in the following counties:" (from the WRECO website)
Coral Gables FL
Part of WRECO.
Part of WRECO.
CORNERSTONE COLUMBIA DEVELOPMENT CO.
1011 Western, Seattle WA
Cornerstone Hospitality Management
Cornerstone Hospitality Purchasing 206-343-7656
Cornerstone Management Services 206-623-9374
Cornerstone (80 percent owned by WRECO) merged in 1985 with Columbia Willamette Development Co. of Portland, Oregon, a subsidiary of Portland General Corporation, to form Cornerstone Columbia. Weyerhaeuser and Portland General each own fifty percent, with Weyerhaeuser's half being overseen by the Weyerhaeuser Venture Co. President Bill Weisfield (of Seattle's Weisfield Jewellers). See the profile and history by Polly Lane in the Seattle Times, Apr. 4, 1989, p.D1,D3.
Cornerstone was put up for sale in 1990, and its liquidation, property by property, continues (Wall Street Journal, Apr 9 1990; Epes, 1992).
Among Cornerstone Columbia's projects are:
1201 Western Bldg, Western Ave, Seattle.
Alexis Hotel, Portland OR.
Centennial Bldg, 430 Stewart, Seattle.
Cornerstone Bldg, Western Ave and Spring, Seattle.
Exchange Bldg, 821 Second Ave, Seattle.
Frank Russell Bldg, Tacoma WA.
Hill Climb Court, Seattle.
Immunex Bldg, 51 University St, Seattle.
Inn at the Market, Portland OR.
Jones Bldg, 1331 Third Ave, Seattle.
Madore Bldg, 1501 Western Ave, Seattle.
RiverPlace, Portland OR. (85 percent sold to Sansei America Inc; Weyerhaeuser got court order compelling Sansei to buy the rest; see Epes, 1992).
Seaway Center, Everett WA. Business park. Also involved in litigation with Sansei (see Epes, 1992).
Sheraton Tacoma Hotel.
Waterfront Place Bldg, Western Ave & Madison St, Seattle.
Watermark Tower, First Ave & Spring, Seattle.
LAS POSITAS LAND CO.
(listed in Weyerhaeuser's filings with the US Secrurities & Exchange Commission in 1990-91)
LAS MARACAY HOMES
"Weyerhaeuser's real estate division said today it plans to buy Maracay Homes, a privately owned homebuilder in Phoenix, for an undisclosed sum. The deal is expected to close in February. Maracay, founded in 1991, controls more than 8,000 lots in Phoenix and closed on about 650 homes last year. It plans to expand into the Tucson market. Weyerhaeuser owns several homebuilding businesses throughout the country, including Quadrant Homes in the Puget Sound area. Others include Pardee Homes in southern California and Las Vegas, Trendmaker Homes in Houston and Winchester Homes in the Washington, D.C., area. (Seattle Times, Jan 31, 2006).
MATTHEW G. NORTON CO.
Investments, real estate, seafood processing. Headed by William H. Clapp (see his entry in various Weyerhaeuser Annual Reports).
MISSISSIPPI REAL ESTATE DEVELOPMENTS
"We have identified specific tracts for sale which include timber land, recreational land, and higher-and-better use lands. Periodically, property is for sale in the following counties:"
MORTGAGE SECURITIES CORP.
Las Vegas NV 89109-2548
Four Nevada corporations (see list in subsidiaries section above).
Mortgage Securities Corporation II, incorporated in 1985 as a wholly-owned subsidiary of Weyerhaeuser Financial Services, issues and sell mortgage bonds collateralized by Government National Mortgage Association and Federal National Mortgage Association certificates. Its assets have gone from $163 million at year-end 1990 to $34 million at year-end 1993 (see the Compact Disclosure database record, which cites MSC's 1994 Form 10-Q).
NORTH CAROLINA REAL ESTATE DEVELOPMENT
Since 1976, Weyerhaeuser has been developing residential properties in eastern North Carolina, including Emerald, Pamlico Plantation, Taberna, and Cypress Landing. Waterfront properties http://www.ncwaterfront.com include marinas, golf courses, etc.
Current developments listed in the 2001 website http://www.nch2ofrnt.com/ included:
Cypress Landing http://www.cypresslanding.com/homeindex.html
NORTHWEST BUILDING CORP.
Part of Norton Clapp empire.
Linbrook Office Park, 10422 NE 37th Circle, Kirkland WA.
Marsh & McLennan Bldg., 720 Olive Way, Seattle WA.
Norton Bldg., 801 Second Ave, Seattle Wa.
1408 Palisade Blvd, Dupont, WA 98327
3000-acre, 40-year "master planned planned community" built atop Nisqually Indian burial sites and the historic Fort Nisqually site, and adjacent to the Nisqually Wildlife Refuge, which contains river delta wetlands. The core site is an old DuPont explosives factory (and hazardous waste site).
The project has been broken into smaller pieces for the purposes of obtaining Washington State SEPA determinations of nonsignificance:
Pioneer Aggregates (LoneStar Northwest, Inc.): upland mine and processing plants; concrete and asphalt plant; access road; conveyor system; barge loading at Dupont Wharf operated by WRECO. The project, to be one of the largest gravel mines in the state, would occur for a minimum of 20 to 25 years on 442 acres leased from Weyerhaeuser. LoneStar, a subsidiary of Onoda Cement of Japan, also owns 160 acres north of the mining area (Boyer, March 1993, p.6).
A subsidiary of WRECO, Pardee is a residential, commercial, and industrial property developer headquartered in Los Angeles, with offices in San Diego, Camarillo and Las Vegas. The company is currently active in all of these areas, plus Riverside and Orange Counties California.
Note from Doug Mann, November 2005: Pardee was crushingly defeated, 72% to 28%. They spent $3.5 million to our $200,000. All the Weyerhaeuser aligned council candidates and mayor were beaten by about 2 to1.
According to the Pardee website, "Pardee Homes has been active in Los Angeles and Ventura Counties since 1921, specializing in creating master-planned communities and neighborhoods for families of all descriptions. For example, Pardee first came to East Ventura County in 1970 with Camarillo's Mission Oaks. Pardee is still developing new neighborhoods in Mission Oaks and nearby Thousand Oaks, one of California's most desirable communities, as well as in Oak Park, the Antelope Valley and the Santa Clarita Valley."
Las Vegas "Southern Nevada's leading homebuilder since 1952."
Pardee's commercial properties include:
Mission Oaks Business Park (Camarillo)
Ocean View Hills
Sabre Springs Business Park
San Diego Business Park
Pardee apartment complexes:
Camino Ruiz Square
11100 NE 8th St # 500, Bellevue WA 98004
map of Quadrant commercial properties http://www.quadrantcommercial.com/pages/properties/propertymap.htm
When acquired by Weyerhaeuser in 1969, Quadrant was the largest developer in the Pacific Northwest. According to the Seattle Daily Journal of Commerce (Feb. 13, 1989), Quadrant built more than 5,000 houses in the Seattle Bewteen 1969 and 1989.
According to a September 2001 Weyerhaeuser webpage, the company has "5,400 acres in two planned communities as well as over 6,000 acres in large lot development in the state of Washington." http://www.wrecolmd.com/western/washington.html
There was also a Quadrant Development Ltd subsidiary in British Columbia listed in Weyerhaeuser's Innovations and Trees booklet (1975).
Quadrant commercial properties include:
Northwest Landing - DuPont WA
Quadrant residential properties:
Currently advertised projects include:
Donegal Lane - Everett, WA (425) 357-8169
Westmont - Sammamish, WA (425) 898-0988!
Snoqualmie Ridge - Snoqualmie, WA
Liberty Ridge - Renton, WA
Katesridge - Maple Valley, WA
Berkshire Glen - Auburn, WA (253)887-8901
Northwest Landing - DuPont, WA (253)964-4595
Brookwater - Bonney Lake, WA (253)863-2590
Past business and residential projects (many mapped in Seattle Times, April 1, 1990) associated with Quadrant have included:
Auburn 400 Corporate Park; 15th SW & Hwy 167, Auburn WA 98002.
Auburn Park of Industry; West Valley Hwy & 15th NW, Auburn WA 98002.
Barclay Place; Tacoma WA. Resdiential development.
Beaver Dam; east of Lake Sammamish, King Co WA. Planned community with 1,300 housing units and a golf couse for 2,600 people on 574 acres.
Campus Business Center; 505 S. 336th, Federal Way WA 98003.
Campus Estates; Tacoma WA. Residential development.
Campus Highlands; Tacoma WA. Residential development.
Canyon Park Business Center, Bothell WA. Developed with Weyerhaeuser financial backing (Seattle PI, Dec 8 1988).
Cascade Plaza; Bellevue WA. Commercial development.
Chestnut Hills; Puyallup WA. Residential development.
Chico, California; retail center planned.
Crofton; Issaquah WA residential development.
Elliott Bay Plaza; 2400 Elliott Ave., Seattle WA. Residential development.
Embarcadero Investments is leasing 13235 Northup Way in Bellevue, WA to Quadrant.
Generic Software Office bldg; Bothell WA.
Group Health Clinic bldg; Olympia WA.
Hawthorne Farm; Hillsboro OR. Unocal bought in in 1988.
Hunter's Ridge; Issaquah WA residential development.
Lund Industrial Park; Federal Way WA.
Marketplace; a San Ramon CA retail center developed jointly with Pacific RIM Development.
Meridian Campus; Campus Park Drive NE, Dupont WA; (360) 456-7336. Planned community. 2,800 housing unites, 1,150 acres, 7,200 residents. "Comfortable living in a natural setting" (Apr. 1996 advertisement). Built on top of site of old Du Pont explosives facility. Hudsons Bay trading post gravesites were relocated to make room for the development.
North Creek Heights; Residential development.
Northridge; a 1500-acre master planned community near Redmond WA.
Northwest Landing. Major planned community begun. 6,500 housing units on 3000 acres for 14,000 residents.Located near the old town of DuPont, on the Nisqually River delta, at the southern end of Puget Sound. Office and industrial parcels were being offred for sale by WRECO in an advertisement in the Puget Sound Business Journal, Mar. 6, 1992.
Olympic Bldg (Weyerhaeuser Mortgage Co.).
Pleasanton CA; retail center planned.
Quad 95; Bothell WA. Commercial development.
Quadrant Business Park-Bothell; Bothell WA.
Quadrant Corporate Center; Bothell WA. Commercial development.
Quadrant I-5 Center; Lynnwood WA. Commercial development.
Quadrant Lake Union Center; 659 N. 34th St, Seattle WA, in the Fremont neighborhood. Barbara Chilcote, manager.
Quadrant Monte Villa Center; Bothell WA. Commercial development.
Quadrant Parkside Center; Bothell WA. Commercial development.
Quadrant Plaza; Bellevue WA. Commercial development.
Quadrant Tech Center; Redmond WA. Commercial development.
Quadrant Willows Center; Redmond WA. Commercial development.
The Ridge; Tacoma WA. Residential development.
Remington; Federal Way WA? Residential development.
Roosevelt (Ave. Northeast); office buildings in Seattle.
Quad 95 at Willows; Willows Rd & NE 95th St, Redmond WA 98052.
Snoqualmie Falls; planned community planned.
Snoqualmie Ridge; Planned community; 2,000 houses, 5,000 residents, golf couse and business park on 1,400 acres.
West Campus; Tacoma WA. Planned community.
Weyerhaeuser Real Estate Building; Tacoma WA.
Willows Business Center; Bothell WA.
REPUBLIC FEDERAL SAVINGS AND LOAN
Founded in 1955, acquired by Weyerhaeuser in 1969 (Los Angeles Times, Sept. 26, 1985, p. B8; and Sucher, 1971). Became part of Weyerhaeuser Financial Services. Had fifteen branches and $920 million in deposits in Southern California (Weyerhaeuser 1987 Annual Report).
In 1993, Republic Federal Savings and Loan was sold and closed (Virgin, Jan. 7, 1993).
SNOQUALMIE RIDGE ASSOCIATES (SRA)
Partnership between Weyerhaeuser Real Estate Co. and Potomic Investment Associates of Maryland. Plans residential and business developments on Weyerhaeuser property in eastern King County, Washington.
New Bern, NC
Historic New Bern, at the confluence of The Neuse and Trent Rivers, is an idyllic location. Recreational amenities like our championship 18 hole private golf course, walking and biking trails, pool, rivers and streams for fishing and canoeing are available year round. Country Club offers casual and gourmet dining, entertainment and planned social events. Security and confidence of Fortune 500 Weyerhaeuser Real Estate Company as the developer. 30 minutes to Emerald Isle, Morehead City and Atlantic beaches. http://www.livesouth.com/t_nc.html accessed July 18, 2001.
TRIMARK DEVELOPMENT COMPANY
Listed as part of Weyerhaeuser Mortgage (Weyerhaeuser 1990 SEC Form 10-K).
VISTA FINANCIAL SERVICES
Listed in Weyerhaeuser 1990 Form 10-K and Moody's Industrial Manual 1993, pp. 6596-6597.
WEYERHAEUSER FINANCIAL SERVICES CO.
Organized in 1987 as a holding company for Weyerhaeuser Mortgage, Republic Federal Savings and Loan, GNA Corporation, and other companies (Weyerhaeuser Annual Report 1987).
WEYERHAEUSER MORTGAGE COMPANY
6660 Variel Ave, Canoga Park CA 91313
Part of Weyerhaeuser Financial Services, Weyerhaeuser Mortgage was at one time rated as one of the five largest mortgage-banking companies, with $9 billion in loans and 1,200 employees (Seattle Times, Sept. 26, 1985).
Weyerhaeuser, "through its financial services subsidiary, Weyerhaeuser Financial Services, Inc., is involved in a range of financial services. The principle operating unit is Weyerhaeuser Mortgage Company, which has origination offices in 12 states, with a servicing portfolio of $8.4 billion covering 112,000 loans throughout the country. Mortgages are resold in the secondary market through mortgage-backed securities to financial institutions and investors. Through its insurance services organization, it also offers a broad line of property, life and disability insurances" (Weyerhaeuser 1993 Annual Report, p. 37).
201 John, Carmel, CA 93923
listed at http://www.montereybayguide.com/pages/971253/97125369.html accessed July 18, 2001.
Orange County Association Of Mortgage Professionals
1551 North Tustin Avenue Suite 670, Santa Ana, CA 92701
Contact: Bill Del Monico, President Weyerhaeuser Mortgage
http://mortgagemag.com/guide/c043/c043838.htm accessed July 18, 2001.
WEYERHAEUSER REAL ESTATE CO. (WRECO)
Federal Way WA
Land Management Division http://www.wrecolmd.com/
Land Management Division was created in the 1920s. The main function then and now, was to act as a conduit for sale of land that was identified to have a higher and better use than forest land. In the 1950s, it began small lot development in Washington State. In 1970 Weyerhaeuser Real Estate Company was created with the Land Management Division as a profit center within the company. The original operations in Oregon and Washington were re-organized as the Western Region. The Southeast Region was formed in 1976 to begin operations in North Carolina and Virginia. Georgia responsibilities were given to the Region in 1994. In 1981, LMD formed the Mid-South Region which currently has various sized tracts of land in Central and Southwest Arkansas, Oklahoma, East-central Mississippi and West-central Alabama. Check on each individual state for more information about timber and recreational lands available as well as tracts suitable for home and commercial sites. There are currently no properties available in Lousiana or Oklahoma.
According to Weyerhaeuser's 1988 annual report, WRECO subsidiaries and affiliates over the years have included Babcock Co., Centennial Homes, Cornerstone Columbia, Pardee Construction, Quadrant, Scarborough, Trendmaker, Westminster, Winchester Homes, and Weyerhaeuser Venture Company.
WEYERHAEUSER VENTURE CO.
21515 Hawthorne Blvd., Suite 310
Torrance CA 90503