POULSBO, Wash., Jan. 2, 2018 /PRNewswire/ -- Pope Resources
(Nasdaq:POPE) announced today recent sales totaling $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.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property
Group, own or manage 208,000 acres of timberland and development
property in Washington,
Oregon, and California. These acres include three private
equity timber funds that we manage, co-invest in, and consolidate
in our financial statements and from which we earn management fees.
These funds provide an efficient means of investing our own capital
in Pacific Northwest timberland and earning fee revenue from
managing the funds for third-party investors. The Partnership and
its predecessor companies have owned and managed timberlands and
development properties for over 160 years. Additional information
on the company can be found at www.poperesources.com. The content
of our website is not incorporated into this release or into our
filings with the Securities and Exchange Commission.
View original content with
multimedia:http://www.prnewswire.com/news-releases/pope-resources-announces-property-sales-totaling-98-million-300576225.html
SOURCE Pope Resources