Profitable Short-Term Land Lease for Hemp will be Transitioned to Subdividing Property for Construction of Residential Homes
SAN DIEGO, CALIFORNIA, Dec. 28, 2021 (GLOBE NEWSWIRE) — International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, exited its joint venture agreement with a privately-held California hemp grower (“Grower”) for commercial hemp operations on 40 acres of the Company’s Southern California property to begin the due diligence process of subdividing the property for the construction of residential homes.
The Company executed a new agreement which terminated any and all of its interest, directly or indirectly, in the lease. Pursuant to the agreement the Company will be paid $150,000 over the next two years, which includes $100,000 previously loaned to the venture for the purposes of improvements to the property.
“As historic demand for homes in Southern California continues to grow, and with land prices at a premium, we believe the best use for the property now is to subdivide for the construction of residential homes. Median prices for 5-acre lots in the surrounding area are currently $250,000, creating a profitable exit opportunity and additional income as we continue to ramp up the sales and marketing of our Baja California developments and primary business. The exit further strengthens our balance sheet which will continue to help build long-term value for our shareholders,” said Frank Ingrande, President of ILA.
The Company acquired this property in Q1 2019 for $1,100,000, which included three vacant 20-acre parcels, and one 20-acre parcel with an existing 8,000 square foot event venue currently generating revenue. In Q3 2019, the Company sold one vacant 20-acre parcel for $630,000.
About International Land Alliance, Inc.
International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
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Senior Vice President
MZ Group – MZ North America