In what the company is characterizing as one of the largest land purchases in the history of Lee County, Fla., Private Equity Group has purchased parcels totaling 5,187 acres from Alico-Agri, a subsidiary of the publicly traded, Florida-based agribusiness Alico. Private Equity Group is a private equity fund based in Fort Meyers, Fla. Terms of the deal haven’t been disclosed.
FORT MYERS, Fla., July 25, 2012 /PRNewswire via COMTEX/ — Private Equity Group announced today that the company is purchasing an assemblage of undeveloped parcels totaling 5,187 acres in Lee County from Alico-Agri, Ltd., a subsidiary of Alico, Inc. (NASDAQ-ALCO) a Florida-headquartered agribusiness. The properties are generally bounded on the west by Florida Gulf Coast University and Miromar Outlets; to the north by Alico Road and the Southwest Florida International Airport; and to the east by scattered single-family residences. The closing is set for later this year.
Since the company’s inception in 1985, Private Equity Group has been involved in the acquisition of some of the largest real estate portfolios developing more than 14,000 acres in Florida. The company has completed more than $2 billion in transactional business and built more than 8,000 residential homes and 16 shopping centers with more than one million square feet of leasing space. Led by Chief Executive Officer OJ Buigas, Private Equity Group, LLC operates a consolidated equity fund, focusing its investment activities in four strategic divisions: real estate, construction, business operations and asset management. For more information, call 239-590-9066 or visit www.privateequitygroup.net .