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Rayonier sells 11,000 acres of land in Florida for $40M

Timber-focused real estate investment trust Rayonier Inc. sold roughly 11,000 acres of mostly contiguous land in southern St. Johns County, Fla., for $40 million, the St. Augustine (Fla.) Record reported.

A Rayonier executive told the publication that First Coast Land and Timber LLC's offer to buy the property was unsolicited, and the acquisition was completed in two deals.

Immediate plans for the land remain uncertain, although part of the county is being developed mainly for new homes, the publication noted.