POULSBO, Wash., Oct. 25 (UPI) -- Pope Resources in Poulsbo, Wash., Monday acquired 1,339 acres of timberland in western Washington for $12.3 million.
The property being acquired from a private party is interspersed among acreage that Pope Resources already owns in Jefferson County.
The transaction is expected to close within 30 days and will be funded primarily with cash on hand supplemented by a small amount of short-term debt.
David L. Nunes, president and chief executive officer of Pope said, "This property includes a significant volume of high-quality merchantable timber, which we expect to harvest over the next few years. As a result of the harvest of this mature timber, we expect to fully recoup the purchase price during this timeframe."
Pope Resources is a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own over 117,000 acres of timberland and development property in Washington.
