Deal is the second recent land sale Alico executed with Florida.
FORT MYERS — Alico, one of the largest citrus producers in the country, recently sold 10,702 acres to the state of Florida, under the Florida Forever program, for $28.5 million.
The land, on the west side of the Alico Ranch, is the second sales transaction the company has completed with Florida, totaling more than 16,000 acres, according to a statement.
“As discussed in our Alico 2.0 Modernization Plan, we continue to evaluate and sell off ranch assets and generate cash flow to be used in a manner that will be targeted to allow for a greater return for our investors,” Alico President and CEO John Kiernan says in the statement. “In connection with addressing the proceeds from this latest sale, we are evaluating several options including strategic acquisitions, increasing our common share dividend, and/or selected land acquisitions where we potentially can take advantage of a like-kind exchange structure, which would allow us to defer a portion of the taxes related to the gain from this land sale to the state.”
Alico operates Alico Citrus and Alico Water Resources and Other Operations, a leading water storage and environmental services division. It posted $122.35 million in revenue in 2019.