Centex Corp. sold 281 acres of its Owens Grove and Gibb properties to Tesoro Groves LP on Dec. 31 for $3.25 million according to Martin County records. The Palm Beach Post reports that Centex purchased the land for $7.31 million.
Calls and e-mails to Centex and Consolidated Citrus, part of Tesoro, were not immediately returned, but Centex spokesperson Eric Bruner told the Post that the company is "focusing on generating cash and minimizing land-related spending" and that this project "does not make financial sense in today's market realities."
Centex purchased the properties in 2005 and 2006 with the hopes of building 1,100 homes on the agricultural site. The purchase by Consolidated Citrus was a wise one for the company. Mitch Hutchcraft , vice president of real estate for Consolidated Citrus, the largest citrus grower in the U.S., told the Post that the company liked the land's proximity to its 1,500-acre groves in the Indiantown area and that, for the time being, it will keep the land as agricultural.
Centex sold 800 acres in Indiantown in May 2007.