The previously announced acquisition of one of the largest national land sale transactions officially closed last week involving an extensive 1.1 million acres of prime timberland in East Texas between Campbell Global and the newly formed, joint venture, Triple T Timberlands, a CatchMark Timber Trust, Inc.-managed affiliate. The property was sold by Campbell Global, on behalf of the institutional owners of the property.
However, what you may not know is Orbis, Inc (Orbis) has played a role in this project for the last 19-months. Brought on as a pressure valve by Campbell Global, Orbis supported the disposition team over the last 607 days through utilization of our Land Investment Technical Analysis Service (LITAS).
LITAS is a due diligence process which provides clients with a visual confirmation of the land at sale through an extensive analysis of the legal boundaries of the property using dynamic GIS mapping. Though a majority of our support as been with supporting acquisition teams in the past, we’ve noticed an internal transition of that to an equal division between working with both acquisition and disposition teams.
For the disposition team, LITAS provides the benefit of being able to address and resolve any issues in advance, through curative action such as filing for corrective deeds or coming to boundary-line agreements before the transaction is underway. This increases the value of the property as it enables the transaction to run more smoothly as the legal documentation is in order. Our service also enables the seller to be transparent with attorneys and potential buyers regarding what issues have been identified and how they are working to fix them. To keep it simple Corey Turner, Orbis GIS Project Manager, says, “our LITAS solution minimizes chaos during closing”.
To recognize our team’s dedication and hard work on this project since 2016, we threw a surprise party for the contributing GIS specialists and project managers. Enjoy a few pictures from our celebration below. Thank you Campbell Global for the opportunity to participate and thank you Orbis GIS team for a job well done!