TAMPA, Fla., May 11, 2022 (GLOBE NEWSWIRE) -- Greenleaf Capital, LLC, the real estate division of HCI Group, Inc. (NYSE:HCI), has entered into an agreement to sell one and a half acres of right-of-way in connection with a planned road improvement project. After transaction costs, Greenleaf expects to receive net proceeds of approximately $14.5 million compared with a net book value of $1.1 million. Following the sale, Greenleaf will retain an office building on six acres of land and expects to re-lease the property to a new tenant at a significant premium to existing rent. The sale is scheduled to close by the end of third quarter 2022.
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