Property Highlights
The client determined, preliminarily, that many of their small isolated tracts (30 to 150 acres) within their Oregon timberland portfolio qualify as being non-strategic to their long term management goals. Many of the parcels are zoned either Forestlands or Forest Farm Transition. In both zones, residential uses are significantly limited although less restrictive in the Forest Farm Transition zones. In addition, Oregon State requires each county to ensure that dwellings proposed in these zones meet criteria addressing legal lot status, siting requirements, and fire safety standard, among several others. Many of the properties have challenging access issues from not having physical or legal access to BLM permission type roads.
Client
Citrus COOP, based in southern California with a timber management division in northern California with approximately 335,000 acres under management in California, Oregon, and Washington./em>
Forestpark Work
Forestpark reviewed this portfolio to isolate those tracts that make good disposition candidates based upon their strategic fit to the Client and potential to support residential or other uses. Title, access, zoning, timber value, and vacant land market values were reviewed along with Oregon State and county land use rules to assess legal lot status requirements and the potential for minor subdivision. Forstpark used it GIS platform to gather and track comparable vacant land sales as well as listings. A broker program was created to attract outside selling brokers by providing sales collaterals, web sites, and favorable commission structure.
Current Status
In April 2011, six properties were released for sale. One parcel has been placed under contract to close in May 2011.