By Jack Stubbs
As the Puget Sound region continues to grow and expand, it appears that developed and vacant land, alike, remain at a premium. And a recently-recorded sale indicated that this trend is set to continue. On Wednesday, December 5th, Atlanta, Georgia-based Timberland Investment Group (TIG) spent $45 million to acquire 45 parcels of vacant forest land roughly 25 miles southeast of Black Diamond, King County records show. The seller was Green River Timberlands LLC, an entity based in Exeter, New Hampshire.
The buyer did not respond to calls for comment regarding the transaction—which was recorded on December 12th—and the seller declined to comment.
The transaction was for 45 parcels of vacant forest land, according to public documents, which do not list the acreage amount of the separate parcels. Public records do not list an address for the vacant land, but the parcels are approximately 25 miles southeast of Black Diamond and 27 miles south of Maple Valley. The parcels are just north of the Green River and several miles from the Howard Hanson Reservoir.
Since Timberland Investment Group’s predecessor group, BTG Pactual Timberland Investment Group, was created in 1981, the company has grown to be one of the largest global timberland investment management organizations, with over two million acres under management across four continues and nearly $3.5 billion in assets and commitments, according to its web site. Forty six percent (1,046,673) of the company’s acres under management are in the U.S. TIG is also committed to responsible investment practices across all assets under its management, according to the company’s web site.
Preceding the recent sale of the 45 acres, there have been several transactions involving vacant land recorded over the last several months. In mid-August, California-based William Lyon Homes acquired 12 acres in Redmond for $22 million from Cadman Inc. On August 21st, Texas-based residential and mixed-use development company Forestar Group Inc. acquired nearly 80 acres of vacant land in Monroe, Washington, for $14.2 million from LSA Engineering. And in early October, Pacific Ridge Homes purchased ten acres of vacant land in Martha Lake for $13.28 million.