MetLife has sold a 20,523 acre portfolio of agricultural land in St. Lucie, Indian River, and Okeechobee Counties to a California-based investment fund for $71 million. Located across four separate tracts of land, the properties known as Cloud Grove (used for cattle grazing), Ginn Ranch (pasture and commercial land), Horizon Ranch (616 acres in St. Lucie County), and Smith Ranch (a pasture and a game reserve) are near Port St. Lucie and Fort Pierce metropolitan area. CBRE represented the seller during the sale of the assemblage.
“Our client requested that four separate parcels with uses varying from agricultural to residential, be marketed in a bulk sale to be closed by the end of 2015. The entire process took under six months—a time frame that many considered unachievable,” said Robbie McEwan, First Vice President of CBRE Land Services in Orlando, who arranged the transaction along with CBRE’s Preston Hage and Jake Schrimsher, and Steve Lehr, Managing Director of CBRE’s Land Services Group.
