BELLINGHAM - A major portion of Galbraith Mountain, known in the community for its recreational uses such as mountain biking, is up for sale.
Polygon Financial has put 3,119 acres up for sale, marketing it as a "unique long-term asset" and touting its potential multiple uses, including recreation, timber extraction or even conservation, preserving it for future generations.
"It's a unique property with many different attributes for potential buyers," said Matthew Balkman of Turning Point Realty Advisors. Balkman is one of the listing agents for the property.
The appraised value of the property is just under $16 million and includes the market value of the timber and that 749 acres on the outer edges allow for some residential development. The majority of the property - 2,370 acres - is zoned commercial forestry, which doesn't allow for residential development.
Polygon became the owner of much of the property back in 2009 after Trillium Corporation deeded the property to it in lieu of foreclosure.
Located east of Bellingham, Galbraith is the common name for Lookout Mountain. The area is quite popular, particularly for mountain bike enthusiasts. It has about 44 miles of mountain biking trails, most of which were built and maintained by WHIMPs Mountain Bike Coalition.
Mark Peterson, president of WHIMPs, said it's a good sign that the initial marketing of the property touts the outdoor recreation potential.
"We want to continue to show that we are a benefit to a new owner," said Peterson.
The WHIMPs organization has been working with Janicki Logging & Construction, which has contracted to harvest wood for Polygon.
"They've been absolutely phenomenal to work with to help minimize the (harvest) impact on existing trails," Peterson said. "We've also had an outpouring from the community when it comes to help with the trails."
Along with the mountain bikers, Peterson said he's noticed an increase in other uses, including hikers and trail runners. The selective harvesting that's taken place has created some new views for hikers.
"More people are out exploring the area," Peterson said.
As for a potential buyer, Balkman said there are a variety of options, depending on what is valued by the investor. He thinks it would be someone that has a long-term outlook on the property, since developing much of it isn't available in the short term. As for the price, it's difficult to judge whether the appraised price will be the purchase price, because there are so few similar properties to compare it to.
"We'll see what the market will bear," Balkman said.
With the city of Bellingham dealing with tight budget issues, it wouldn't be a property officials would try to purchase outright, said Mayor Kelli Linville.
"We simply don't have that kind of money available," Linville said.
She would be open to the idea of partnering with another agency like Whatcom County, but only for the watershed aspects of the property.
Putting a levy measure on the ballot is another possibility, but Linville is reluctant to do that.
"I'm conservative about putting a levy on the ballot while we are dealing with a budget deficit," Linville said.
The city still needs to find a way to repay more than $3 million it borrowed from a fund to help buy Chuckanut Ridge property last year. Those 82 acres, also known as Fairhaven Highlands, cost $8.2 million.
To view Turning Point's brochure on the property, visit this commercialmls.com webpage.
Reach DAVE GALLAGHER at dave.gallagher@bellinghamherald.com or call 715-2269. Visit his business blog online at blogs.bellinghamherald.com/business or get updates on Twitter at twitter.com/BhamHeraldBiz.
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