The Real Deal Miami

Rayonier buys 17,808 acres of NE Florida timberland for $24 million

The company bought 12,416 acres of timberland in southern St. Johns County and another 5,392 acres in Flagler County for a price equal to $1,347 per acre
June 10, 2018 03:25PM

Rayonier timberland (Credit: Rayonier Inc.)

Rayonier Inc., a publicly held real estate investment trust, bought 17,808 acres of timberland in northeast Florida for about $24 million.

Alejandro Barbero, director of strategic development and communication at Yulee-based Rayonier, declined to comment on what the company will do with the land.

The seller, Wilson Green LLC, is part of a Connecticut-based real estate investment company called Greenfield Partners.

Rayonier bought 12,416 acres of timberland in southern St. Johns County for $16 million and 5,392 acres in Flagler County for nearly $8 million.

The purchase price for all 17,808 acres equated to $1,347 per acre.

The acquisition on May 30 closed several months after Rayonier got about $40 million for selling approximately 11,000 acres of timberland in southern St. Johns County to a hedge fund based in New York.  That sale price equated to $3,622 per acre.

Last year, Rayonier sold 1,311 acres at its Crawford Diamond Industrial Park in Nassau County to Florida Power & Light Co. for $13.1 million, or $10,000 per acre. The utility company hasn’t announced its plans for the land. [Jacksonville Daily Record] – Mike Seemuth