Alico Buys 3,280 Citrus Acres

Ernie NeffAcreage

acres

On Oct. 30, Alico, Inc. purchased approximately 3,280 gross citrus acres in Hendry County for $16.45 million.

John Kiernan, company president and chief executive officer, said, “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.”

“This Alexander Grove appears to have been very well maintained, and substantial new plantings were completed in recent years,” Kiernan continued. “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.”

Kiernan added, “Because this acquisition was completed using a like-kind exchange structure to fund most of the purchase price, we were able to defer approximately $4 million in taxes related to the gain from a sale of ranch land to the state of Florida, which closed in September 2020.” That sale to the state under the Florida Forever program consisted of approximately 10,702 acres of Alico Ranch for $28.5 million. Learn more about that transaction here.

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In 2019, Alico sold approximately 5,500 acres of land to Florida for permanent protection, also under the Florida Forever program. “These transactions are intended to preserve sensitive lands for Florida’s future, enhance protections for the Florida panther, and protect the health of the Caloosahatchee River and the Western Everglades Basin,” Kiernan said earlier this year.

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Water Resources and Other Operations, a water storage and environmental services division.

Source: Alico, Inc.

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