SANTA PAULA, Calif.--(BUSINESS WIRE)--Limoneira Company (Nasdaq: LMNR), a diversified citrus packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced the sale of its non-core real estate asset called “The Terraces” located in Santa Monica, CA. The transaction closed on October 4, 2019 and the Company received approximately $2.9 million in net proceeds. In addition, the Company will record a gain of approximately $0.4 million in its fourth fiscal quarter of 2019.

Harold Edwards, President and Chief Executive Officer, stated, "We are pleased with the terms of the sale of our Terraces property, which is in-line with our long-term strategy to monetize our portfolio of non-core real estate assets. As with prior sales of non-core assets, we will use the cash generated by the sale to pay down debt and to invest in the growth of core our agribusiness."

About Limoneira Company

Limoneira Company, a 126-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced l? mon´âra) is a dedicated sustainability company with 15,700 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. 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.