PotlatchDeltic Corp. has sold 72,000 acres of northern Minnesota land to The Conservation Fund, which will keep it as a working forest supplying timber and open for recreation.
The $48 million sale is expected to close later this year.
The Spokane, Washington-based PotlatchDeltic Corp. was once a major wood supplier, and now operates as a real estate holding company seeking return on land values. It has sold multiple pieces of Minnesota land over the years. The Arlington, Virginia-based Conservation Fund buys land across the country, and is on its way to owning 200,000 acres in Minnesota, according to a press release.
“Our purchase and the ultimate protection of the PotlatchDeltic land will support northern Minnesota’s long tradition of timber production and outdoor recreation by preserving working forestlands and safeguarding jobs, while also protecting water quality and wildlife habitat, helping mitigate climate change, and contributing to local economies," said Larry Selzer, President and CEO of The Conservation Fund, in a statement.
PotlatchDeltic still owns a lumber mill in Bemidji, which will continue to operate, the statement says. Most of its land is now under contract, with closings set to occur throughout 2022.