Hofmann Forest to go back on the market

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Dawn Wallace

Staff Writer- Triangle Business Journal

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Hofmann Forest will go back on the market once the N.C. State University's Board of Trustees for the Endowment Fund lets the dust settle on the fallen-through sale.

The 79,000-acre forest was in contract to be sold to Resource Management Service LLC of Alabama with operations in Wilmington, and to Hofmann Forest LLC.

Chancellor Randy Woodson says the purchase agreement expired before the companies could secure the funds for the $130 million transaction.

"They hadn't finalized all of the financing for the property," he says, adding that $105 million was owed at the closing of the deal, and $25 million was to be paid out over several years.

"The board will not renegotiate with this buyer. The board will always view this property as an asset that needs to be deployed. We'll go back out and look for new buyers," says Woodard.

He says the board will "step back and re-evaluate" the sale and develop a new strategy to "get back on the market as quickly as possible."

Reporter Dawn Wallace covers small business, personalities and Triangle trends.