Florida Farmland Remains Hot Commodity
August 5, 2015 A 520-acre farm near Immokalee, featuring roughly 240 acres of citrus, recently closed for $2.3 million ($4,423 per gross acre). Tamiami Citrus LLC of Ft. Myers purchased the plot of land from the First Bank of Clewiston.
The transaction is one of several sizable real estate deals lately, according Coldwell Banker Commercial Saunders Real Estate (CBCSRE). In addition to this sale, the Lakeland, FL-based company announced the recent closings of two other diverse agriculture properties for a total of 4,694 acres at almost $20 million.
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When referencing the current state of Florida’s agriculture property values, Dean Saunders, owner of CBCSRE, recently stated: “There is a lot of capital out there in search of a home, so investors are looking for land and that will increase prices. The big unknown (for ag land values) is what happens with the citrus industry. Some people see challenges for the industry, while others see opportunity. That’s why we’ve seen a few large institutional investors make some big plays for land.”
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