SANTA PAULA, CA – Limoneira has expanded its agricultural development agreement with Cadiz Inc. to include an additional 200 acres.
Initially, Limoneira acquired a total of 200 acres of lemon trees and associated irrigation lines from Cadiz and one of its leasing tenants for approximately $1.2 million. According to a press release, Limoneira has amended its lease with Cadiz, which began July 2013, to include an additional 200 acres.
Harold Edwards, Limoneira President and CEO, states, “We are excited to expand our agreement with Cadiz and increase our lemon tree acreage in California. This acquisition complements recent investments we have made in Chile and Arizona and is in line with our long-term growth strategy to add productive agricultural properties to our portfolio and leverage our core competencies.”
Under this amended lease, Limoneira will now have the right to plant up to 1,480 acres of lemons over the next three years at the Cadiz Ranch operations in the Cadiz Valley.
Tim Shaheen, CEO of Cadiz Real Estate LLC, a wholly-owned subsidiary of Cadiz, also spoke on the extended agreement.
“We are pleased that we have the opportunity to expand our relationship with Limoneira as part of our commitment to cultivating sustainable agriculture practices in the Cadiz Valley,” Shaheen said. “With its longstanding history in the California market, Limoneira has tremendous expertise in growing and marketing lemons and shares our commitment to best agricultural practices.”
This new arrangement provides a growing, packing and marketing opportunity that is complementary to Limoneira’s existing production and furthers Cadiz’s commitment to the sustainable development of its Cadiz Valley Property. The newly acquired lemon trees are expected to be productive beginning in FY 2017.
