Over 500k acres of timberland change ownership in Michigan’s Upper Peninsula
Original Source:
555,000 acres of Upper Peninsula timberland sold for $300M cash
555,000 acres of Upper Peninsula timberland sold for $300M cash
According to a press release dated November 13th 2019, Seattle-based Weyerhaeuser Company has sold 555,000 acres of Michigan timberland to Lyme Great Lakes Holding LLC., an affiliate of The Lyme Timber Company LP for ~ $300 Million in cash-roughly $540/ac. The property will be managed for ‘sustainable timber production’ according to a release by Lyme Great Lakes Forest Company. Lyme is expected to keep the former Weyerhaeuser employees who were tasked with managing the land, which sustains a mix of hardwood and softwood acres.
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