Lake Wales, FL-based Citrus World, the largest citrus cooperative in Florida, will operate the 100-acre, 500,000-sf Golden Gem facility under a three-year, $10.5 million lease with Boeing Capital Corp., the Seattle-based subsidiary of aircraft manufacturer Boeing Co. The deal closes Feb. 28.

Citrus World also has an option to extend the lease for six years after it expires in 2004, according to U.S. Bankruptcy Court filings in Orlando where Golden Gem filed for Chapter 11 protection from creditors in September 2001.

Golden Gem filed for protection after plant officials couldn't cut a loan extension deal with either SunTrust Bank or Boeing Capital. The investment firm became Golden Gem's owner after buying a $20 million lien from SunTrust on Golden Gem's inventory and intangible property.

According to court filings, Golden Gem owed Boeing $40 million and owed 1,000 other creditors a total $18 million.

Citrus World beat out a half dozen bidders for the lease. The packing and storage plant in northeast Lake County was put up for sale or lease in December. Golden Gem's workforce at that time dwindled to 160 from a peak of 600. Citrus World didn't disclose tentative plans for new hires in court papers.

Citrus World has 1,000 growers who send their fruit for packaging and processing to the company's plants in Lake Wales, Bartow, FL and Fullerton, CA. Golden Gem had 400 growers.

Citrus World makes concentrated and not-from-concentrate juice under Florida's Natural, Bluebird and Growers Pride brands.