News Desk, Timberland

Sold! Manhattan Hedge Fund Acquires 11,000 Acres from Rayonier in Two Tranches for $39.8 Million


First Coast Land and Timber has purchased more than 17 square miles of timberland in Northeast Florida from Rayonier, the nation’s third-largest timber REIT. The first tranche, which closed in December, totaled 4,000 acres, and the second tranche, which closed in February, included an additional 7,000 acres. Both purchases involved timberland located between Interstate 95 and US 1. First Coast Land and Timber shares the same New York City address as Ruane, Cunniff & Goldfarb Inc., a hedge fund sponsor that manages Sequoia Fund Inc., an open-ended equity mutual fund begun by the firm.
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