Company purchases East Texas timberland for $1.4B
DALLAS (AP) — More than a million acres of property in East Texas is changing hands in one of the largest U.S. timberland sales in a decade.
The Dallas Morning News reports that CatchMark Timber Trust Inc. has agreed to purchase 1.1 million acres (450,000 hectares) of East Texas timberland for nearly $1.4 billion. The Atlanta-based company is buying the property with a group of investors.
The land is situated in multiple locations, mostly south of the area stretching between Tyler and Longview.
CatchMark says the timberland is close to top-quartile mills and near Austin, Dallas and Houston, three of what the company says are the top five homebuilding markets in the country.
Greenberg Traurig LLP assisted CatchMark in what the law firm calls one of the largest U.S. timberland transactions in the last 10 years.
Information from: The Dallas Morning News, http://www.dallasnews.com