GL Homes acquires 2 Boca Raton, Fla., farmlands – South Florida Business Journal

GL Homes affiliates paid an aggregate of $215 million for two farmlands totaling 334.5 acres in Boca Raton, Fla., the South Florida Business Journal reported Dec. 2.

Boca Raton Associates X acquired a 263-acre farmland at 20150 S. State Road 7 from E. F. Johns Ltd. and Johns Houston Ltd. for $170 million, while Boca Raton Associates XI purchased a 71.5-acre farmland at 205th St. for $45 million, according to the report. The latter transaction included $41 million in seller financing.

GL Homes will need to secure approval from Palm Beach County, Fla., to develop a new community on the two sites.