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market movers

Land sale brings Fla. developer $565m

Selling timberland helps St. Joe focus on development in Northwest Florida, it said.
Associated Press/
Selling timberland helps St. Joe focus on development in Northwest Florida, it said.
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St. Joe Co., a real estate developer and manager, is selling nearly 383,000 acres — most of its land in Florida’s Panhandle — for $565 million to Utah-based AgReserves Inc., a tax-paying affiliate of the Mormon Church. The sale does not include land in St. Joe’s residential, commercial, or resort developments. AgReserves will maintain timber and agricultural uses of the land, which is roughly half the size of Rhode Island. St. Joe will now own about 184,000 acres.