Limoneira Announces Sale of Its Multi-Use Mercantile Property
SANTA PAULA, CA - Limoneira, known for putting out citrus-y recipes that make my heart—and the hearts of consumers—sing, recently announced the sale of its multi-use facility, which consists of a retail convenience store, gas station, car wash, and quick service restaurant in Santa Paula, California. The transaction closed on August 30, 2019, and the company received approximately $4.0 million in net proceeds.
"We are pleased with the terms of the sale of our multi-use Mercantile property,” Harold Edwards, President and Chief Executive Officer, stated. “We will use the cash generated by the sale to pay down debt and to invest in the growth of our agribusiness. This transaction is in-line with our long-term strategy to opportunistically monetize our rich portfolio of assets."
According to a press release, Limoneira will also record a gain of approximately $0.6 million in its fourth fiscal quarter of 2019.
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