Pope Resources Announces Property Sales Totaling USD 9.8 Million
(5 months ago)
POULSBO, Wash: Pope Resources (Nasdaq:POPE) announced recent sales totaling USD 9.8 million primarily from two conservation-oriented transactions, together with the sale of a business park lot in its Harbor Hill project in Gig Harbor, Washington.
The first of the two conservation transactions involved the sale of 1,504 acres to Kitsap County for $4.0 million. Like our 2016 sale to Kitsap County in the same area just south of our Port Gamble townsite, the Partnership will retain a timber deed under which it may harvest the currently standing timber for up to 25 years on all but 170 of the 1,504 acres. The terms of this sale will ensure continued recreational use of the property by the public with the Partnership realizing the full development value and continued timber revenues, along with creation of an amenity for the Partnership's other real estate development projects in Port Gamble and Kingston. The second conservation transaction consisted of 216 acres of timberland in Jefferson County sold for $1.5 million to the Washington State Department of Natural Resources (DNR). This is the Partnership's fourth land sale to the DNR's Dabob Bay Natural Area Preserve, a series of transactions that date back to 2011.
On December 29, 2017, the City of Gig Harbor purchased an 11-acre business park lot from our Harbor Hill project for $3.5 million with plans to use the property for a park.
Less noteworthy, but worth mentioning nonetheless, the Partnership closed recently on three residential lot sales for a combined $745,000 from two different projects in Kitsap County.
"The sales we announced today, combined with residential sales at Harbor Hill previously announced in mid-December, total $22.3 million and we expect the related cash proceeds to be redeployed toward our co-investment commitment to Fund IV and the Partnership's small tracts timberland acquisition program," said Tom Ringo, President and CEO.