<p> Limoneira is entering into agreements to sell two properties worth $8.3 million as part of the company’s long-term strategy to monetize the company’s rich portfolio of assets. The Sevilla and Pacific Crest properties, located in Santa Maria, CA, will be sold to the same buyer, according to the press release. The sale is expected to generate $8.1 million for the company.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> “We are pleased with the terms of the sale of our Santa Maria properties,” said Harold Edwards, President and CE. “We will use the cash generated by the sale to pay down our debt and to invest in the growth of our agribusiness and other strategic initiatives.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> The buyer will deposit $250,000 in escrow and issue a note receivable for each property, leaving a combined amount due of $7.8 million. Limoneira is reported to collect 5% interest on the notes. There will be a 90-day due diligence and escrow period for the transaction, which is expected to close by March 2014.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Edwards added that he believes the company is well positioned to break ground on its East Areas 1 and 2 projects in 2014 and begin home sales by 2015. “We are in the process of evaluating the alternatives that have been proposed to us and will provide an additional update on our progress during the fiscal fourth quarter earnings call in January 2014.” Limoneira expects to see additional cash flow generated by the project.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://investor.limoneira.com/financials.cfm" target="_new"> Limoneira </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
