A large citrus grove in Hendry County, Florida, recently sold for just over $14 million, SVN | Saunders Ralston Dantzler Real Estate reported. The 1,675-acre Sunrock Grove produces a variety of oranges, tangelos and grapefruit. It is improved with a substantial irrigation drip system and approved Southwest Florida Water Management District water permits through 2029.
SVN | Saunders Ralston Dantzler Real Estate senior advisors Brian Beasley and Dean Saunders brokered the sale. “The Sunrock Grove is ideally located for citrus and sugarcane production,” said Beasley. “However, the buyer of the land will probably use it for industrial uses sometime in the near future, possibly solar panels for electricity.”
A media release about the sale pointed out that there is a continued shift in the makeup of Florida’s citrus industry. It noted that the widespread HLB disease, also known as citrus greening, leads to a decline in the health of trees and reduced production.
SVN | Saunders Ralston Dantzler, one of Florida’s largest land brokers, annually hosts a Lay of the Land Florida Land Conference which attracts more than 200 landowners, developers and others. This year’s event was held Feb. 27-28 at the RP Funding Center in Lakeland. The Lay of the Land Market Report distributed at the conference provided a comprehensive view of values for numerous types of Florida land, including citrus.
A section of the report addressing citrus land in several counties, including Hendry, stated that “groves with ample production and desirable forward-looking fruit contracts are usually profitable.” Another section about the Indian River District stated that many former grove lands there are transitioning to solar power production, and noted that the area’s famed grapefruit “continues a 25-year stretch of declining acreage.” Learn more about 2019 citrus land sales in Florida.
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