Molpus Woodlands Group, a timberlands investment management group, has announced the acquisition of 14,280 acres of pine plantations in East Texas on behalf of a client. This property was purchased for $18,421,200 from Cambium Corrigan Limited Partnership, an entity of Cambium Global Timberland Limited.
Located in Polk County, Texas, the Cambium property has historically been utilized for timber production as part of Champion and International Paper's past landholdings in the region. As such, the property has benefited from management practices such as multiple fertilizations, commercial thinnings and other value-enhancing activities, according to Molpus.
“We are pleased with the opportunities this acquisition brings to our client and look forward to evaluating future growth possibilities for our investors in the eastern half of the U.S.," stated Dick Molpus, president of Molpus Woodlands Group.
This acquisition increases the total assets under Molpus management to more than $1.125 billion and the total acreage to almost 1 million.
Last September, Molpus purchased 124,521 acres of pine in the states of Virginia, North Carolina, Georgia, Florida, Alabama, Mississippi and Louisiana.