Joint Venture Has Now Closed 174 Residential Unit Sales in Calendar
2019
SANTA PAULA, Calif.--(BUSINESS WIRE)--Mar. 5, 2019--
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a
diversified citrus packing, sales and marketing company with related
agribusiness activities and real estate development operations,
announced today that its 50%/50% real estate development joint venture
with The Lewis Group of Companies (“Lewis”) has closed an additional 119
residential units with one of the United States’ leading homebuilders,
Lennar (NYSE: LEN). Lennar is one of the primary builders for the first
174 homes in the initial 632 residential units of the Company’s Harvest
at Limoneira project.
Harold Edwards, President and Chief Executive Officer, stated, "We are
very excited to announce additional lot closings totaling 119
residential units, with one of the nation’s largest homebuilders,
Lennar. We announced in October, 2018 our relationship with Lennar and
are very pleased with how quickly we were able to close on these lot
sales.”
Lennar has purchased 55 single-family lots and four condominium lots
that include 64 single-family residences, for a total of 119 residential
units within Harvest at Limoneira and they intend to build seven
different floor plans each with three distinct elevations.
Harvest at Limoneira is a well-balanced, comprehensively designed
community near the Pacific Ocean. The amazing views, parks and miles of
hiking trails in addition to retail shops within walking distance is
attracting strong interest from families throughout Southern California.
The first phase of the project broke ground in November 2017. Project
plans include approximately 632 residential units in the initial phase
and 1,500 residential units for the entire project. Limoneira Lewis
Company Builders, LLC, is a 50%/50% real estate development joint
venture between Limoneira and Lewis that will engage in the residential
development of Harvest at Limoneira.
About Limoneira Company
Limoneira Company, a 125-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon´âra) is a dedicated sustainability company with 14,500 acres of rich
agricultural lands, real estate properties, and water rights
in California, Arizona and Chile. The Company is a leading producer of
lemons, avocados, oranges, specialty citrus and other crops that are
enjoyed throughout the world. For more about Limoneira Company, visit
www.limoneira.com.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation's leading
builders of quality homes for all generations. The Company builds
affordable, move-up and active adult homes primarily under the Lennar
brand name. Lennar's Financial Services segment provides mortgage
financing, title insurance and closing services for both buyers of the
Company's homes and others. Lennar's Rialto segment is a vertically
integrated asset management platform focused on investing throughout the
commercial real estate capital structure. Lennar's Multifamily segment
is a nationwide developer of high-quality multifamily rental properties.
For more information on the Company, please visit www.lennar.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.These
forward-looking statements are based on Limoneira’s current expectations
about future events and can be identified by terms such as “expect,”
“may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,”
“strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking
statements are reasonable but cannot guarantee future results, level of
activity, performance or achievements.Actual results may differ
materially from those expressed or implied in the forward-looking
statements.Therefore, Limoneira cautions you against relying on
any of these forward-looking statements. Factors which may cause future
outcomes to differ materially from those foreseen in forward-looking
statements include, but are not limited to:changes in laws,
regulations, rules; weather conditions; availability of financing for
land development activities; political changes and economic crises;
international conflict; acts of terrorism; labor disruptions, strikes or
work stoppages; loss of important intellectual property rights;
inability to pay debt obligations; inability to engage in certain
transactions due to restrictive covenants in debt instruments;
government restrictions on land use; and market and pricing risks due to
concentrated ownership of stock.Other risks and uncertainties
include those that are described in Limoneira’s SEC filings which are
available on the SEC’s website at http://www.sec.gov.Limoneira undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190305005194/en/
Source: Limoneira Company
Investors:
John Mills
Partner
ICR
646-277-1254
