Gladstone Land Completes Acquisition of Irrigated Farmland in Colorado
MCLEAN, VA - Gladstone Land Corporation is no stranger to capital investment, finalizing seven acquisitions within the past six months alone. The company is kicking off 2020 just as we’d expect, purchasing 1,324 gross acres of farmland in Holyoke, Colorado, for $7.5 million. The farm consists of 1,064 irrigated acres and will grow a rotation of potatoes, corn, and sugar beets, which is a new crop type in the Gladstone Land portfolio. In connection with the acquisition, Gladstone Land also entered into a six-year, triple-net leaseback agreement with the seller.
“As noted before, 2019 was a record year of purchasing farms for Gladstone Land, and we are hoping to replicate that success in 2020,” said David Gladstone, President and CEO. “This acquisition increases the number of regions where we own farms and the number of different crop types grown on our farms, and it also adds a new operator to the number of tenants on our farms. We believe the increased diversification in our farmland holdings helps to provide a steady and secure source of income with which to pay dividends to our shareholders. We look forward to continuing to add more farms to our already-existing portfolio of farmland primarily growing fresh fruits and vegetables.”
Aside from strengthening its roster, Gladstone’s latest acquisition proved to have some historical value, according to a press release. The company divulged that during the title review of the property, the document conveying the property from the federal government to the first-time private owner was discovered. The document was dated December 10, 1894, and was signed by Grover Cleveland, former President of the United States.
“This property represents our first closing of 2020,” said Bill Hughes, Managing Director. “We’re excited to be in a new region of Colorado and even more excited to be partnering with one of the premier farmers and feedlot operators in the area. We look forward to doing more business with them in the future.”
Congratulations to Gladstone Land Corporation on yet another successful acquisition!