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 the initial 55 lots with one of the United States leading homebuilders, KB Home (NYSE: KBH). KB Home is one of the primary builders for the first 180 homes in the initial 632 residential units of the Companys Harvest at Limoneira project.
Harold Edwards, President and Chief Executive Officer, stated, “We are very excited to have closed the initial 55 lots with one of the nations largest homebuilders, KB Home. This is a significant step towards unlocking the long-term value in this beautiful planned community. We announced in October, 2018 our relationship with KB Home and are very pleased with how quickly we were able to close on these initial lot sales.
KB Home purchased fifty-five single-family lots within Harvest at Limoneira and they intend to build two different floor plans utilizing four distinct architectural 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 Community 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 lÄ“ mon´¢ra) 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.
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 Limoneiras 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 Limoneiras SEC filings which are available on the SECs 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.