Private Equity Group is purchasing a portfolio of undeveloped parcels totalling 5,187 acres in Lee County from Alico-Agri, a subsidiary of Alico Inc.

The properties are generally bounded on the west by Florida Gulf Coast University and Miromar Outlets; to the north by Alico Road and the Southwest Florida International Airport; and to the east by scattered single-family residences.

The closing is set for later this year.

Since the company's inception in 1985, Private Equity Group has been involved in the acquisition of some of the largest real estate portfolios developing more than 14,000 acres in Florida. The company has completed more than USD2bn in transactional business and built more than 8,000 residential homes and 16 shopping centres with more than one million square feet of leasing space.