Loading
FORT MYERS — For the second time in the past two months, Alico, one of the largest citrus producers in the country, has closed on a major land deal.
The latest deal: The Fort Myers-based firm bought 3,280 citrus acres in Hendry County for $16.45 million. The purchase follows another sale in September, in which the company sold 10,702 acres to the state of Florida, under the Florida Forever program, for $28.5 million.
The latest acquisition was completed using a like-kind exchange structure to fund most of the purchase price, according to a statement, which allows the company to defer about $4 million in taxes from the September sale of land.
“This acquisition of the Alexander Grove from the well-respected Gardinier Florida Citrus, Inc. allows Alico to add additional scale to our existing 45,000 gross acres of citrus properties,” Alico President and CEO John Kiernan says in the statement. “This Alexander Grove appears to have been very well maintained and substantial new plantings were completed in recent years. Strategically, the Alexander Grove neighbors existing Alico groves, and this will likely enable Alico to continue to operate as a low-cost, high producing citrus grower. We believe that this latest acquisition continues to demonstrate Alico’s commitment to being a long-term citrus industry leader.”
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.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
