Pope Resources, the Poulsbo-based timberland company that traces its roots to the founding of Port Gamble in 1853, said Wednesday its assets will be acquired by Florida-based Rayonier for more than $550 million.

Pope’s limited partnership units jumped 35% on news of the deal. Owners of the units will get an estimated $126.91 per unit in a combination of cash and Rayonier shares.

Pope Resources was created in 1985 by combining several enterprises and properties of its predecessor, Pope & Talbot. It has since specialized in owning and managing timberlands and developing real estate in the Seattle-Tacoma area.

In a news release, Rayonier and Pope Resources noted the real estate development opportunities of Pope holdings, including projects in Gig Harbor, Port Gamble, Kingston and Bainbridge Island.

The transaction is expected to close in mid-2020, after approval by Pope unitholders.