St. Joe to Sell Florida Timberland to AgReserves Watersound, FL (November 21, 2013) – The St. Joe Company has entered into a sales agreement with AgReserves, Inc., Salt Lake City, to sell approximately 382,834 acres of its non-strategic timberland and rural land in Northwest Florida for $565 million. The final price is subject to an adjustment set forth in the agreement.
The proposed transaction does not include land within St. Joe's residential or commercial real estate segments or its resorts, leisure or leasing segment. "This sale of timberland will help the company concentrate on its core business activity of real estate development in Northwest Florida," Park Brady, St. Joe CEO, said.
Timber, Agriculture Functions Continue
The land to be sold includes the majority of the company's timberlands in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties and had an aggregate carrying value of approximately $54 million at October 31, 2013.
AgReserves, Inc. is assuming agreements and contracts existing on the purchased timberlands and intends to maintain timber and agricultural uses of the lands.
"AgReserves has demonstrated its commitment to wise land stewardship and prudent resource management during more than 60 years of ranching and agricultural operations in east central Florida,” Paul Genho, chairman of AgReserves, Inc., said. “We will apply that same commitment and expertise to managing the property we are acquiring in Florida's panhandle.”
