LMNR - Limoneira signs letter of intent to sell East Area 2 property

Limoneira (LMNR) signed a non-binding letter of intent to sell 25.28 acres of its 32 acre real estate asset referred to as “East Area 2” in Ventura County, California to Pacific Coast Investments or its nominee in five staged purchases.The company said property will be utilized for medical office buildings and acute care hospital.The purchase of Lot 1 (medical office building) and Lot 2 (acute care hospital) will be contingent upon the buyer executing a lease with the Ventura County Health Care Agency, and the purchase of Lots 3, 4 and 5 will be contingent upon the buyer having obtained leases which support financing for additional facilities."This opportunity provides upside to our initial expected cash flow of $80M from Harvest at Limoneira," said President and CEO Harold Edwards.Source: Press Release

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Limoneira signs letter of intent to sell East Area 2 property