Pope Resources announced 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 million. 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).
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.
"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.
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.