Longview Timberlands purchases Whatcom Co. property for $48 million

DAVE GALLAGHER - THE BELLINGHAM HERALD

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A major area of forest property in Whatcom County has changed hands between two timber companies.

Longview Timberlands purchased more than 15,500 acres of forest tree farms in the Deming area for $48 million from Mid-Valley Resources Inc., a subsidiary of Hampton Affiliates, a large Oregon timber company, last week. The sale, filed at the Whatcom County Treasurer's Office, included 71 parcels of property.

The property sale is part of a larger sale that included tree farms in Washington. The total amount of North Cascades tree farms purchased was 68,000 acres, said Blake Rowe, president of Longview Timberlands. Longview Timberlands is associated with Longview Fibre Company in Longview, Wash., and owned by Brookfield Asset Management.

Longview Timberlands focuses on growing and harvesting trees.

"The sale represents a significant expansion for our company," Rowe said. "It's property that's been well-managed. We plan on combining it with our existing land and continue to use it as a tree farm."

Rowe said most of the trees harvested on Timberlands' property goes to domestic saw mills, while some goes to pulp mills. The company also plans to start doing some exporting in 2009.

While the economic slowdown has impacted the timber industry, a company like Longview Timberlands can adjust accordingly because the company isn't tied to a saw mill facility.

"We're focused on just selling logs, so we can wait until the market is stronger," Rowe said.