Gladstone Land Acquires Two California Orchards for $6.9 Million
MCLEAN, VA - Gladstone Land Corporation announced that it has acquired two orchards in Kings County, California, adding 194 gross acres to its portfolio of permanent crop farms. Gladstone Land completed the acquisition for approximately $6.9 million.
“This acquisition adds two more great farms and another strong tenant to our growing list of farms, further strengthening the diversification within our farmland holdings,” said David Gladstone, President and CEO of Gladstone Land. “Cherries are one of the many healthy foods that are produced on our farms, and these two farms produce some of the types of cherries that you typically see in grocery stores in the early spring. As many people know, our strategy is to own farms that produce healthy foods that are found in the produce and nut sections of your grocery stores.”
In connection with the acquisition the company and seller entered into a 15-year, triple-net lease.
“The Gladstone Land acquisition team continues to find opportunities to add high-value, fruit-producing assets that are leased to strong, established tenants, and this acquisition is another fine example of that,” said Bill Reiman, Managing Director. “The cherry orchards on these two farms are being grown with the most advanced technology and cutting-edge horticultural expertise and are expected to produce for the next 20-plus years. This region of the San Joaquin Valley in California is a very strong production area for many crop types, including cherries, due to its combination of fertile soil and ample water, and we hope this is the first of many acquisitions in Kings County.”
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