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Rayonier's TerraPointe Subsidiary Gains Land Use Approval in Florida

Jacksonville, Florida, USA, 18 November 2010 -- (BUSINESS WIRE) -- TerraPointe LLC, Rayonier's (NYSE:RYN) real estate subsidiary, in association with Nassau County, Florida, and the Nassau County Economic Development Board, recently gained land use approval from the state of Florida for its 1800-acre Crawford Diamond Industrial Park in Nassau County.

Located 16 miles northwest of Jacksonville, Florida, the dual-rail access 1800-acre property was approved for up to 5 million square feet of industrial land use, which can include manufacturing, assembly, warehousing and distribution, and use as an intermodal inland port or logistics center.

"As Florida seeks its share of the additional global trade to be created by the Panama Canal expansion, Crawford Diamond's proximity to JaxPort, the Port of Fernandina, and Jacksonville International Airport, as well as the other deepwater ports at Brunswick and Savannah, Georgia, makes its location very desirable and competitive," said Jeff Lawrence, TerraPointe's project manager.

Lawrence noted that the location boasts rare dual class I rail frontage on-site, providing access to both the CSX and Norfolk Southern rail lines, and is within approximately 17 miles of major north-south and east-west interstate highways I-95 and I-10.

"The Crawford Diamond Industrial Park is a flexible site that can accommodate a broad range of large scale industrial projects," added Lawrence. "We believe it will have a very positive economic impact for Nassau County and the region."

Rayonier is a leading international forest products company with three core businesses: Timber, Real Estate, and Performance Fibers. The company owns, leases, or manages 2.4 million acres of timber and land in the United States and New Zealand. The company's holdings include approximately 200,000 acres with residential and commercial development potential along the Interstate 95 corridor between Savannah, Georgia, and Daytona Beach, Florida. Its Performance Fibers business is one of the world's leading producers of high-value specialty cellulose fibers. Approximately 45% of the company's sales are outside the United States to customers in approximately 40 countries. Rayonier is structured as a real estate investment trust. More information is available at www.rayonier.com.


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