Keweenaw Land Association, Limited closed on the sale of two properties totaling approximately 237 acres for a total sale price of approximately $640,000 or $2,700 per acre. The pre-tax net proceeds of approximately $613,000 will be used to reduce debt under the company’s revolving credit line.
The properties were considered to be non-strategic to the company’s core operations. As part of maximizing shareholder value the company is constantly looking to monetize non-strategic properties or properties where the “highest and best use” is commercial or residential development rather than timber harvesting.
Keweenaw Land Association, Limited is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings exceeding 180,000 surface acres and 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan and northern Wisconsin.
