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GlobeSt.com UPDATE: Alico Subsidiary Sells 2,500 Acres for 28 Cents per SF

FORT MYERS, FL-After six months and two contract revisions, Agri-Insurance Co. Ltd. is selling the strategically located dirt to Alanda Ltd for $30 million or $12,000 per acre (28 cents per sf) in one of the state's largest privately negotiated land deals.

By Pat Taylor | Updated on December 11, 2001

FORT MYERS, FL-In one of the largest, privately negotiated land sales in Florida’s history, local developer O.J. Buigas has purchased 2,500 prime acres–about four square miles–of undeveloped agribusiness land through his Alanda Ltd. company from Agri-Insurance Co. Ltd., a subsidiary of La Belle, FL-based Alico Inc., for $30 million or $12,000 per acre (28 cents per sf).

The completion of title transfers on 2,060 acres representing $20.1 million will occur before the end of next month, Alico says in a prepared statement. The remaining acreage representing $7.2 million ($18,000 per acre or 41 cents per sf) will be transferred by the end of December 2002. The sale is expected to generate gains of $25 million.

The original contract was announced in May, modified in October and modified once again for the final sale. The land, currently a combination of cattle grazing range land and timber, is located just east of I-75 between Southwest Florida International Airport and Florida Gulf Coast University.

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