Limoneira contributes 17-acre Santa Paula property to JV LLCB II at $15.95M; receives $7.87M cash

Limoneira CO

Agreed value of property contributed to joint venture (LLCB II) is $15,950,886.
Joint venture partner Lewis contributed $8,022,893 into escrow.
Limoneira received net cash disbursement of $7,869,775.98 after closing adjustments.
First Amendment to LLC Agreement revises company purpose to pursue master entitlements for combined property.
Closing occurred on October 25, 2022; modifies prior plan to sell property outright.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Limoneira CO entered into Closing Agreement with Limoneira Lewis Community Builders, LLC and Limoneira Lewis Community Builders II, LLC valued at Property transfer value of $15,950,886 and cash contribution of $8,022,893, with $7,869,775.98 disbu (effective 2022-10-25).

Action: entry
Agreement: asset purchase
Counterparty: Limoneira Lewis Community Builders, LLC and Limoneira Lewis Community Builders II, LLC
Value: Property transfer value of $15,950,886 and cash contribution of $8,022,893, with $7,869,775.98 disbu
Effective: 2022-10-25

Exact text from the filing

On October 25, 2022, in connection with the closing of the previously announced Purchase and Sale Agreement (the “ Agreement ”), dated September 7, 2022, between the Company and Limoneira Lewis Community Builders, LLC, a Delaware limited liability company (“ LLCB ”), the Company entered into the Closing Agreement (the “ Closing Agreement ”) with LLCB and Limoneira Lewis Community Builders II, a Delaware limited liability company (“ LLCB II ”).

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Limoneira CO filing history →

Source: SEC EDGAR

accession 0001104659-22-112694

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