Lake Wales, FL-based Citrus World, the largest citrus cooperative in Florida, will operate the 100-acre, 500,000-sf Golden Gem facility under a three-year, $10.5 million lease with Boeing Capital Corp., the Seattle-based subsidiary of aircraft manufacturer Boeing Co. The deal closes Feb. 28.

Citrus World also has an option to extend the lease for six years after it expires in 2004, according to U.S. Bankruptcy Court filings in Orlando where Golden Gem filed for Chapter 11 protection from creditors in September 2001.

Golden Gem filed for protection after plant officials couldn't cut a loan extension deal with either SunTrust Bank or Boeing Capital. The investment firm became Golden Gem's owner after buying a $20 million lien from SunTrust on Golden Gem's inventory and intangible property.