The Portland, OR-based seller started has been marketing 705,000 acres in Texas and Louisiana for the past year. The proceeds are being applied to Louisiana-Pacific's debt.
Two 55,000-acre tracts in Cleveland and Honey Island, TX are under contract and expected to close in June. The Cleveland tract is under option for $38 million while the Honey Island land, $39 million. Also in June, the company says it will close the $35-million sale of 50,000 acres in Merryville, LA. There is still more than 500,000 acres left to sell.
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