Business
Limoneira Closes Sale of 17-Acre Property to Limoneira Lewis Community Builders, LLC
Sale Generates $8 Million in Cash Proceeds Recognized in the Current Fiscal Fourth Quarter 2022 SANTA PAULA, Calif.--(BUSINESS WIRE)-- Limoneira Company (the
About this update from Limoneira Co
[{"type":"text","content":"\nSale Generates $8 Million in Cash Proceeds Recognized in the Current Fiscal Fourth Quarter 2022\n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\nLimoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced it has closed the sale of its previously announced 17-acre property in Santa Paula, California to Limoneira Lewis Community Builders, LLC (“LLCB”) for $8 million in cash proceeds. LLCB is the Company’s 50%/50% real estate development joint venture with The Lewis Group of Companies (“Lewis”) to develop the Company’s East Area I real estate development project, referred to as Harvest at Limoneira. The 17-acre property is expected to be used by a new joint venture between LLCB and the Company to develop an additional 200 or more residential units within Harvest at Limoneira.\n\nHarold Edwards, President and Chief Executive Officer, stated, \"We are very pleased to have successfully closed this sale and continue to strengthen our partnership with Lewis and validate the value of our non-core holdings. This sale is in-line with our growth strategy to strategically sell off select non-core land assets that have increased in value over the years and we expect to announce similar sales in the near future. We continue to expect to receive approximately $95 million, including today’s announced sale, over the next five fiscal years from Harvest at Limoneira.”\n\nHarvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options near the Pacific Ocean. Boasting scenic views, and close proximity to parks, hiking trails and popular retail destinations, this exceptional community continues to attract strong interest from new home buyers throughout Southern California.\n\nAbout Limoneira Company\nLimoneira Company, a 129-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 15,400 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados, oranges, special...