Sealed Bids for Project Teal Due June 6

Sealed Bids for Project Teal Due June 6

By Eric O'Keefe

LR_ProjectTeal-01 (1)

WESTERN OLYMPIC PENINSULA. The 115,250-acre portfolio is strategically situated in one of North America's premier timberland regions.

Published On: April 22, 20241.9 min read
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Rayonier Forest Resources has retained LandVest to market Project Teal, 115,250 acres of professionally managed timberland in Western Washington’s Olympic Peninsula. The portfolio, which consists of the Clallam Tree Farm, is available for the first time since the 1940s. It is being offered through a single-stage, sealed-bid process. Bids are due on June 6, 2024.

Project Teal

The Western Olympic Peninsula ranks as one of the finest timberland growing regions in North America. Clallam Tree Farm is a well-stocked, fast-growing conifer forest with industry-leading tree genetics and market-driven silviculture practices. Douglas fir and western hemlock are the predominant species. Additional species include western red cedar and Sitka spruce closer to the coast, noble and silver fir at higher elevations, with stands of commercial hardwoods throughout the farm.

The offering includes three investment units of similar size: the North Clallam Unit (40,800 acres), the South Clallam Unit (36,985 acres), and the Jefferson Unit (31,344 acres). Successful bidders receive preference in awarding a fourth unit — 6,100 acres known as the Joyce Unit, which is located 30 miles west of the milling and export hub of Port Angeles.

Several factors create opportunities for off-take as well as preserving, enhancing, and/or monetizing conservation values. The first is location. The property sits at the intersection of the Olympic National Forest, the Olympic National Park, and Washington state trust lands. Second, it benefits from proximity to significant water assets. These include the Pacific Ocean, the Strait of Juan de Fuca, Ozette Lake, Lake Pleasant, Dickey Lake, and Wentworth Lake. Finally, eight major watersheds exist on the property. They include the Hoko River watershed to the north and the Clearwater River watershed to the south.

“For institutional investors, this is truly a ‘once in a career’ opportunity,” says LandVest President and CEO Joseph Taggart.

Third-Party Certification

Clallam Tree Farm has a long history of third-party certification to sustainable forest management standards. The condition of the streams, roads, culverts, bridges, and landscape of mature forests demonstrate this commitment. This management discipline is also demonstrated in the exemplary conditions of the highly productive premerchantable stands. Nearby log markets include domestic sawmill, chip, and barging operations (below).

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