The land is in five tracts in Pacific and Grays Harbor counties and has been for sale since August 2009, The Daily News of Longview reported.
The timberland sold Friday no longer fits its long-term strategy, the Federal Way company said in a statement.
"We have a competitive advantage in growing and processing Douglas fir, and the sale focuses our Western operations on managing that species," said Dan Fulton, Weyerhaeuser president and CEO.
"Trees and land are the core of the company," Fulton said. "We are the largest private landowner in the Pacific Northwest, and we remain committed to this region for the long term."
Weyerhaeuser still owns or manages more than 1 million acres of timberland in Washington and employs nearly 3,800 people in the region at more than 20 locations. Nationwide, Weyerhaeuser will continue to own and manage more than 6 million acres of timberland.
The Hancock Timber Resource Group, a division of Hancock Natural Resource Group Inc., manages 5.3 million acres of timberland in the United States, Brazil, Canada, New Zealand and Australia.
"These highly productive timberlands represent an excellent investment opportunity for our clients, and we're very pleased to be able to acquire them," said Dan Christensen, president of the Hancock Timber Resource Group. "This transaction is part of our ongoing effort to secure high-quality timberlands for our investors."
Information from: The Daily News, http://www.tdn.com