JACKSONVILLE, NC-The 79,000-acre Hoffmann Forest here has been sold by the Endowment Fund of North Carolina State University for $150 million.
The property was sold to Illinois-based agri-businessman Jerry Walker, according to the Triangle Business Journal. Walker, who manages Danville, IL-based Walker Ag Group, intends to maintain the forest as is and continue to allow access to the property for research by students and faculty. Proceeds from the sale will be placed in an endowment with the annual return of $6 million in interest benefiting the College of Natural Resources.
"The income generated annually by the investment of the sale proceeds will provide tremendous educational and research opportunities for the College of Natural Resources and its students,” states North Carolina State Chancellor Randy Woodson. See story in the Triangle Business Journal.
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