The South Carolina-based land investment firm paid $18.36 million ($9,180 per acre) for the Charleston County acreage belonging to the Walpole family. According to The Post and Courier, which first reported the story, the sale of the strategic parcel “amounts to one of the biggest real estate transactions for the rural area.” According to American Timberlands Company CEO Thomas Rowland there are no immediate plans to develop the property. “We are long-term land investors,” said Rowland. “Our strategy is high-end recreation. Right now, we plan to use it as a recreational property, a park for our investors and clients to use and entertain. We plan to hunt, fish, and build a new lodge there.”
For more details on American Timberland’s long-term investment strategies, read Corinne Garcia’s profile of American Timberland’s Carter Stilley Wetland and Stream Mitigation Bank in the Fall 2016 Land Report.