Big East Texas Timber Sale

DALLAS (AP) – More than a million acres of property in East Texas is changing hands in one of the largest U.S. timberland sales in a decade. The Dallas Morning News reports that CatchMark Timber Trust Inc. has agreed to purchase 1.1 million acres of East Texas timberland for nearly $1.4 billion. The Atlanta-based company is buying the property with a group of investors. The land is situated in multiple locations, mostly south of the area stretching between Tyler and Longview. CatchMark says the timberland is near Austin, Dallas and Houston, three of what the company says are the top five home building markets in the country.