Atlantic Gulf announces sale of Julington Creek Plantation.MIAMI--(BUSINESS WIRE)--June 10, 1996--Atlantic Gulf Communities Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AGLF AGLF Association for Governmental Leasing and Finance AGLF Asian Government Leaders Forum ) has signed a contract to sell its Julington Creek Plantation Julington Creek Plantation is a community in St. Johns, Florida. It consists of several large neighborhoods, and is located at the crossroads of San Jose Boulevard (State Road 13) and Racetrack Road, across from Fruit Cove. community in Jacksonville, Fla. to Cypress Realty of Houston for $24 million. The transaction closed on June 7th. The sale includes all the improved and unimproved property in Julington Creek Plantation. Atlantic Gulf will be retained as development managers for the project by Cypress Realty through the project's build-out. Cypress Realty intends to continue the current development strategy which is the development and sale of finished homesites to a select group of homebuilders. Julington Creek Plantation is a very successful 4,150-acre planned community Noun 1. planned community - a residential district that is planned for a certain class of residents residential area, residential district, community - a district where people live; occupied primarily by private residences in St. Johns County located just south of the St. Johns River Johns River may refer to any of the following rivers in the United States:
"Our sale of Julington Creek Plantation is consistent with our business plan to monetize assets where appropriate to pay down debt and look for new development opportunities," said J. Larry Rutherford, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Atlantic Gulf. "To this end, we intend to pay debt with the proceeds of this sale and look for other property in the Jacksonville area." Atlantic Gulf Communities Corp., with assets of more than $315 million, is one of Florida's largest real estate developers. The company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando and Jacksonville, in addition to owning 44,000 acres in other parts of Florida, and 5,500 acres in the Cumberland Plateau Cumberland Plateau or Cumberland Mountains, southwestern division of the Appalachian Mt. system, extending northeast to southwest through parts of West Virginia, Virginia, Kentucky, and Tennessee into N Alabama. Black Mt., Ky. area of Tennessee. Headquartered in Miami, the company is a proven leader in professional development services, and is known for its leadership role in environmental quality. CONTACT: Atlantic Gulf Communities Corp., Miami Harry Rose, 305/859-4376 |
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