The St. Joe Company announced an agreement Thursday to sell more than two-thirds of its Northwest Florida landholdings.
The agreement outlines the sale of 382,834 acres of rural timberland to Utah-based company AgReserves Inc. for $565 million, leaving St. Joe with about 184,000 acres of land, primarily between Tallahassee and Destin.
“This sale of timberland will help the company concentrate on its core business activity of real estate development in Northwest Florida,” St. Joe Chief Executive Officer Park Brady said in a company news release. “The proceeds from the sale will provide the company with significant liquidity and numerous opportunities to create long-term value for our shareholders.”
The 380,000 acres — nearly half the size of Bay County — to be sold include a majority of the company’s timberlands in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties.
The transaction would not include any of St. Joe’s existing resort, residential or commercial real estate developments or any sites that may be used for similar developments in the future, according to St. Joe.
From The News Herald: https://www.newsherald.com/news/business/updated-st-joe-sells-380-000-acres-in-565-million-agreement-1.231472