Dean Saunders, ALC, CCIM, Tony Wallace, CF, and Greg Driskell Managed the Listing and Sale of the Investment Tracts
LAKELAND, FL, March 5, 2021 – SVN | Saunders Ralston Dantzler Real Estate reported the sale last week of two large Florida timberland tracts totaling 17,956 acres for $17,520,000. The property was co-listed and sold by Dean Saunders, ALC, CCIM, Founder, Managing Director & Senior Advisor, Tony Wallace, CF, Senior Advisor, and Greg Driskell, Advisor. Rayonier Forest Resources purchased the properties on February 25.
The sale comprised two timberland tracts owned by Sleepy Creek Lands, LLC, located in Levy County, Florida. Although non-contiguous, these tracts are within one mile of each other and sold in the same transaction. Otter Creek Timberlands is 8,160 acres located on US-19/98, about five miles south of Chiefland. McGee Branch Timberlands is 9,796 acres located on SR-24, about six miles southwest of Bronson. Both tracts contain approximately 60% upland, plantable land. The properties feature a mixture of merchantable and pre-merchantable planted pines with an unusually high amount of plantable acreage in need of reforestation at the time of the sale.
The properties have extensive frontage on US-19/98 and SR-24 and a good network of internal graded roads for access. Potential pine productivity is fair to good, and nearly all of the lands capable of growing planted pines have been converted to that use by prior management. The properties are adjacent to wildlife conservation lands, and excellent game populations, including deer, turkey, and feral hogs, are present on both tracts. Both properties boast hunting leases at the top of the market rates. Neither property has any buildings or other similar improvements, but a cell tower is located on McGee Branch and produces annual lease revenues.
The buyer, Rayonier, is a global forest company dedicated to providing sustainable forest management, land management, timber products, and real estate services with more than 1.7 million acres of timberland in the southern United States. Rayonier negotiated the purchase of the two tracts as a single economic unit and closed in a single transaction.