Keweenaw Land purchases 14,000 acres in Iron County

 


By RICHARD JENKINS

rjenkins@yourdailyglobe.com

Ironwood — Keweenaw Land Association has closed on approximately 14,035 acres of property in Iron County, Wis., the company announced Thursday.

Comprised of a mix of quality northern hardwood and softwood timber, President and CEO Brian Glodowski told the Daily Globe the parcel is located roughly 20 miles southwest of Ironwood in the Island Lake area.

“The property has been well-managed and will provide significant near-term harvest volumes and cash flows,” a company spokesperson said in a news release.

With the purchase, Keweenaw owns and manages more than 182,500 acres in the western Upper Peninsula and northern Wisconsin. The company also holds title to more than 400,000 acres of mineral rights in the region.

In November, the company secured $25 million in financing through MetLife to purchase additional timber lands in the region.

In February, Glodowski said the funds are intended be used to to create a war-chest designed to potentially add upwards of 20,000 to 30,000 acres to Keweenaw’s timberlands over the next year.

“We haven’t done anything of that scale since maybe ‘94-95,” Glodowski said at the time. “That was our last really large purchase.”

He said Thursday the Iron County purchase was part of the expansion effort.

“This is a logical progression with the debt financing. This was one of our acquisitions we made with it,” Glodowski said.


 
 

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