The rural tracts will be sold in Gadsden County near Tallahassee, FL on April 27; and in Bay and Washington counties near Panama City, FL on May 4. The sites are 250 miles north of Downtown Orlando.
Brokers dealing in timber land sales tell GlobeSt.com on condition of anonymity the auction will probably bring prices of $20,000 per acre or 45 cents per sf. If it does, that would generate an estimated $30 million in total new revenue for St. Joe.
St. Joe president Kevin M. Twomey said in previous prepared statements the proceeds from all new sales, including the Cendant-NRT deal, will be used to develop new projects, retire debt and repurchase company stock.
Tied in with the planned timberland disposition, St. Joe sold a vacant 27-acre parcel in Panama City to Birmingham, AL-based Edgewater Beach Properties LLC for $1.12 million or $41,413 per acre (95 cents per sf).
Neil C. Jones of Advantis Real Estate Services, Orlando, represented St. Joe. Jason Oaks, also of Advantis, negotiated for the buyer. The tract is on North Alf Coleman Road between Hutchinson Boulevard and Panama City Beach Parkway.
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