Real estate investment trust Rayonier sold about 11,000 acres in northeast Florida for $40 million, and the buyer’s plans for the land are unclear.
The 11,000 acres is a nearly contiguous property in southern St. Johns County, which has potential for greater development, according to Steve Merten, president of the Northeast Florida Division of home building company Toll Brothers.
Rayonier, based in the Yulee community, just north of Jacksonville, sold the land in two closings, the first in December and the second this month.
The buyer is Florida Coast Land and Timber LLC. An agent for the buyer, Jacksonville attorney John Sefton, was unavailable for comment.
The buyer’s offer to buy the land was unsolicited, according to Alejandro Barbero, director of strategic development at Rayonier. He declined to speculate on the buyer’s plans for the land.
Rayonier sold another big piece of land in northeast Florida last year to Florida Power & Light Co. The utility paid the real estate investment trust $13.1 million for 1,311 acres in Nassau County. [St. Augustine Record] – Mike Seemuth