Gladstone Land Completes Phase Two of a Pistachio Orchard Acquisition in California
MCLEAN, VA - Back in August, Gladstone Land completed phase one of its acquisition of a large pistachio orchard in Coalinga, California. The details may have slipped your mind, considering that the company also snapped up 413 acres of California berry farmland in September, followed by a Napa Vineyard acquisition that same week. This morning, the company announced that phase two of its pistachio orchard acquisition was complete. In this second phase, Gladstone acquired 1,100 gross acres of farmland for $37 million.
“This completes our $70 million purchase of nearly 2,000 acres of pistachio trees that are just reaching prime production, and represents a great example of our ability to do larger and more complex acquisitions,” said Bill Reiman, Managing Director. “We look forward to a long, prosperous relationship with our new tenant.”
According to a press release, this newly-acquired farm consists of 1,040 planted acres of mature pistachio trees. In the first phase, Gladstone acquired 1,000 acres of the land for $33 million. The purchase of this orchard also includes an eight-year, triple-net lease agreement with RTS Agri Business and Canoas Creek Pistachios.
“We have now acquired more than $250 million worth of farmland so far in 2019,” said David Gladstone, President and CEO. “This has been a record year for us so far, and it’s not over yet. Pistachio and almond prices have remained strong, and increased trade wars have had little impact on their overall demand. The addition of these crop types has increased the diversification within our farmland holdings and has provided a strong source of additional income to our already-existing portfolio of farmland primarily growing fresh fruits and vegetables.”
Congratulations to Gladstone Land on yet another successful acquisition!