Holland & Knight Assists in Purchase and Immediate Partial Sale of Large Tract of Timberland
Jacksonville, Fla. – October 4, 2010 – Holland & Knight is pleased to announce that the firm recently assisted Rock Creek Capital in connection with the purchase of 163,000 acres of real estate properties and then sale of 124,521 acres. The acreage consists of more than 200 separate tracts of predominantly pine plantation located in eight southeastern states.
In the first part of the transaction, International Paper (IP), a global paper and packaging company, sold the land to an affiliate of Rock Creek Capital, Figure 8 Partners, LP, for a total consideration of $199 million, including $160 million in cash and $39 million, plus interest, to be received no later than three years from closing. IP additionally received a 20 percent profits interest in Figure 8 Partners.
At the closing of the purchase transaction, Figure 8 Partners sold approximately 124,521 acres of the land located in seven states to a client of Molpus Woodlands Group, LLC, a timberland investment management organization headquartered in Jackson, Mississippi.
Holland & Knight handled all legal aspects of both the purchase transaction and the sale transaction. Jim Main, lead counsel to Rock Creek Capital and Jacksonville partner said, "It took a real team effort to close transactions of this size and complexity in this economic climate. The team resolved numerous title and other legal issues on the over 200 separate parcels, coordinated the sale by IP and its five different subsidiaries that owned the land to 10 separate subsidiaries of Figure 8 and simultaneously concluded the sale of a substantial part of the acreage to Molpus."
The Holland & Knight team was led by Main, and included Partners Jim Groh and Missy Turra; Senior Counsel Stacy Watson May; Associates Melissa Nelson and Rob Riva and Paralegals Kathy Carrigg and Barbara Cocciolo (all Jacksonville). Additionally, several Holland & Knight attorneys from other offices handled local counsel work.