St. Joe Cancels Sale of Conservation Land
St. Joe Cancels Sale of Conservation Land
JACKSONVILLE — The St. Joe Company (NYSE: JOE) early Tuesday announced that a contract for the sale of 67,365 acres of non-strategic rural conservation land in Liberty, Jefferson, Gulf and Franklin Counties has been terminated.
The sale was to have closed in two transactions for a total price of $130.4 million, the first transaction in the fourth quarter of this year and the other in the second quarter of 2009.
“We are now able to return these parcels to the market,” said JOE’s president and CEO Britt Greene. “While this particular buyer had sought large contiguous conservation acreage, we are now able to offer this acreage in smaller parcels to other interested buyers. With no near-term need for the proceeds, we plan to continue our orderly disposition of these non-strategic assets.”
Greene said the company is working to stay “lean and efficient to better withstand these difficult market conditions. With our strong balance sheet and cash position, we are prepared to withstand this prolonged downturn and will continue to prudently manage our inventory and assets to preserve long-term shareholder value.”
The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida’s largest real estate development companies. It is primarily engaged in real estate development and sales, with significant interests in timber.
