Gladstone Land Completes $42.3 Million Acquisition of Organic Farmland, Blueberry Plantings, and More; David Gladstone and Joseph Van Wingerden Discuss
MCLEAN, VA - As the discussion surrounding water supply viability continues, Gladstone Land Corporation has taken the importance of irrigation to heart with its most recent acquisition. Investing approximately $42.3 million in the purchase of farmland, blueberry plantings, and improvements, the company has acquired two farms that are each 100 percent certified USDA organic. The operations are located in Kern County, California, and Yamhill County, Oregon.
"These two acquisitions are ideal properties for our growing portfolio of farms producing healthy produce," said David Gladstone, President and CEO. "We are continuing to target the highest quality farms with secure sources of water. But our greatest strength is that the growers we partner with are dedicated to cultivating the best produce and preserving resources. I recommend going to your local grocery store and buying as many fruits, vegetables, and nuts as you can!"
In connection with the acquisitions, Gladstone Land entered into triple-net leaseback agreements with the seller on each farm, ranging in length from 10 years to 15 years, a press release stated.
Joseph Van Wingerden, Director at Gladstone Land, also commented on this momentous acquisition.
"Both of these organic blueberry farms utilize advanced irrigation methods, high density plantings, and shade structures to minimize inputs and protect the quality of the fruit," said Van Wingerden. "Organic produce sales reportedly increased by 11 percent in 2020 as the demand for organics continues to grow. The innovative growing methods used by our tenant on these properties represent how the best farmers are continually striving to meet this demand with the highest quality produce while being good stewards of the land and minimizing water use."
With this purchase of two farms with secure water sources, Gladstone Land continues to prove its prowess in the West Coast market.