Alico sells 5,187 acres in Lee

FORT MYERS — Private Equity Group LLC has agreed to buy 5,187 acres of undeveloped land from Alico-Agri, a subsidiary of Alico Inc., for $10 million.

The three parcels sold are located in Fort Myers, bounded by Florida Gulf Coast University and Miromar Outlets to the west; Alico Road and the Southwest Florida International Airport to the north; and single-family residences to the east. The closing for the properties is scheduled for Oct. 3.

Alico, a publicly traded land management and agribusiness company based in Fort Myers, says it's selling the land primarily for tax benefits. In a release, it says the income tax basis for the land is $65 million, which allows it to post a tax loss of $55 million from the sale. The company says this will reduce its tax liabilities and offset tax gains from its recent land transactions in Polk County.