Limoneira Announces Sale of Its Multi-Use Mercantile Property

Wed. September 4th, 2019
- by Anne Allen     

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.

Harold Edwards, President and CEO, Limoneira"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."

The citrus company has sold its multi-use facility in Santa Paula for nearly $4.0 million

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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