Almost all of the farmland that was owned by bankrupt peach producer Prima Wawona has been sold.
Only around 1,300 of the 13,500 acres remain, according to a report form McClatchy.
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The backstory: Prima Wawona declared bankruptcy last year, and after not moving forward with a $275 million credit bid, the company put its land up for sale in January.
The big picture: Central Valley fruit packers lined up to purchase the land, with Sun Pacific and Moonlight Companies joining together as the largest buyer, according to court documents.
- They spent $91 million to purchase around 5,000 acres.
- McClatchy reported that Sun Pacific, which is known for producing mandarin oranges called cuties, plans to have the vast majority of the land remain in tree fruit farming.
- Sun Pacific is located in Fresno, Tulare and Kern Counties, while Moonlight Companies is located in Reedley.
Go deeper: Prima Wawona also has a deal in place to sell land to PGIM, the asset management arm of Prudential Financial life insurance company.
- That would continue, in part, Wall Street’s influence on Central Valley farmland, as investment company Paine Schwartz bought Wawona Packing and Gerawan Farming to form Prima Wawona several years ago.
- PGIM will purchase 821 acres in Fresno and Tulare Counties for $25 million.
Statement from Wawona Frozen Foods: The San Joaquin Valley-based, family-owned and operated Wawona Frozen Foods is not affiliated in any way with the fresh fruit company, Prima Wawona. Wawona Frozen Foods is a third-generation company which just celebrated its 60th year in business and is among the largest frozen fruit companies in the nation.
