RALEIGH (WPTF) -- The Board of Trustees for the Endowment Fund of NC State University announced that the purchase agreement for Hofmann Forest has terminated with the buyers unable to finalize the financial contingencies of the contract. As a result, the sale to Resource Management Service LLC and Hofmann Forest LLC will not proceed to closing.

The property will continue to be owned by the Board of Trustees for the Endowment Fund of NC State and managed by the Natural Resources Foundation – for the benefit of academic programs within the College of Natural Resources. The Foundation and the Endowment Board will evaluate appropriate steps to re-initiate a sales process.

“The sole mission of the NC State Natural Resources Foundation is to benefit the College of Natural Resources, its students and its faculty, and the sale of Hofmann Forest has always been about that purpose,” said NC Chancellor Randy Woodson in a statement. We will always strive to make strategic choices that provide the best educational opportunities for students.”