The Federal Way, WA-based company didn't specify an asking price. But local industrial real estate brokers tell GlobeSt.com some of the dirt in strategic commercial locations could go for an average $5,000 per acre or an estimated aggregate total of $1.5 billion.

Weyerhaeuser is considering doing the sale at this time because the company is "looking for an opportunity to balance our portfolio," says Jack P. Taylor Jr., senior vice president of the firm's timberlands division. "We're continually evaluating our timberlands and manufacturing facilities to determine how we can increase our competitiveness, enhance our operating efficiencies and better serve customer needs."

Sale proceeds will be used to reduce the firm's debt load. The company recently added 1.7 million acres to its portfolio with the Williamette acquisition. Weyerhaeuser now owns or manages about 7.5 million acres of commercial forestland in North America, Taylor says.