ATLANTA (July 13, 2021) – Smith, Gambrell & Russell, LLP (SGR) is pleased to announce that firm client, CatchMark Timber Trust, Inc. (NYSE: CTT), has announced a definitive agreement to sell 18,063 acres of prime Oregon timberlands, known as the Brandon Property, to Roseburg Resources Co. (Roseburg) for $100 million in cash, approximately $5,536 per acre. The sale is expected to close in the third quarter of 2021, subject to customary closing conditions.
CatchMark purchased the Brandon Property in August 2018 for $88.8 million, exclusive of transaction costs. The Pacific Northwest property’s sale to Roseburg capitalizes on the current favorable market conditions positioning CatchMark to reinvest in the growth of its core portfolio in the U.S. South where it has a robust operating platform and the strongest opportunity for future growth.
Through this purchase, Roseburg will acquire 18,063 acres of highly productive and strategically located timberlands in coastal Oregon in proximity to its western manufacturing facilities, which will ensure a long-term, sustainable supply of premium logs and wood fiber.
Advising CatchMark on the transaction is an SGR Atlanta legal team led by Partner Mark Pottorff with Associate Savannah Phinney in the Real Estate Practice. Partner Tom Hong in SGR’s Corporate Practice is also assisting.
CatchMark Timber Trust, Inc. (NYSE:CTT) is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed real estate sales. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in approximately 1.6 million acres* of timberlands located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com. *As of July 6, 2018.
About Smith, Gambrell & Russell, LLP
SGR is a full service, international law firm that advises regional, national and global businesses on a wide range of legal matters. The firm’s 250 attorneys provide legal counsel in more than 45 specialized practice areas, including corporate transactions, litigation, intellectual property, aviation, banking, real estate, construction, employment law, and employee benefits and executive compensation. Founded in 1893, SGR has offices in Atlanta, Austin, Jacksonville, London, Los Angeles, Miami, Munich, New York, Southampton, and Washington, D.C.