Alico (ALCO) Sells Twp Polk County, FL, Parcels in $10.1M Deal
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Alico, Inc. (Nasdaq: ALCO) announced today the cash sale of two parcels of land totaling 4,020 acres in Polk County, FL. The sales price of the two properties is approximately $10.1 million and will result in a pre-tax gain of approximately $9.2 million to be recorded in the third quarter of fiscal 2012. The purchasers of the parcels of land are Ben Hill Griffin, III, the brother-in-law of John R. Alexander, Alico's Chairman of the Board, and Ben Hill Griffin Inc. The transactions were between related parties; as such, they were referred to and approved by the Audit Committee, which is comprised entirely of independent directors. Both parcels were considered to be surplus to our agricultural operations.
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The first parcel is located in Frostproof, FL totaling 3,635 acres. The purchase price is approximately $9.1 million or $2,500 per acre. Alico recorded a deposit for the parcel of $200,000. The sales contract was entered into on April 13, 2012, with Ben Hill Griffin III and will close no later than June 12, 2012, with the deed and possession delivered on said date.
The second parcel of land is also located in Frostproof, FL totaling 385 acres. The purchase price is approximately $1.0 million or $2,750 per acre. Alico recorded a deposit for the parcel of $50,000. The sales contract was entered into on April 16, 2012, with Ben Hill Griffin Inc. and will close no later than June 12, 2012, with deed and possession delivered on said date.
More color:
The first parcel is located in Frostproof, FL totaling 3,635 acres. The purchase price is approximately $9.1 million or $2,500 per acre. Alico recorded a deposit for the parcel of $200,000. The sales contract was entered into on April 13, 2012, with Ben Hill Griffin III and will close no later than June 12, 2012, with the deed and possession delivered on said date.
The second parcel of land is also located in Frostproof, FL totaling 385 acres. The purchase price is approximately $1.0 million or $2,750 per acre. Alico recorded a deposit for the parcel of $50,000. The sales contract was entered into on April 16, 2012, with Ben Hill Griffin Inc. and will close no later than June 12, 2012, with deed and possession delivered on said date.
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