Gladstone Land Corporation Acquires Farmland in Oregon for $2.4 Million; David Gladstone and Tony Marci Discuss
MCLEAN, VA - The Gladstone Land Corporation’s portfolio seems to be ever-evolving. Following the acquisition of farmland and water facilities in Georgia, nut orchards in California, and a citrus grove in Florida, the company has pulled back the curtain on yet another advantageous deal. This time, the corporation has purchased 165 gross acres of farmland located near Milton-Freewater, Oregon, for approximately $2.4 million.
"This land, with established water rights, will be a great addition to our portfolio," said David Gladstone, President and Chief Executive Officer. "We are pleased to expand the relationship with our tenant and help them to continue providing premium wines to their customers."
In connection with the acquisition, Gladstone Land has also entered into a 10-year, triple-net lease agreement with the existing tenant, who is a leader in the wine industry, according to a press release.
"We are excited to make another acquisition in Oregon," said Tony Marci, Managing Director. "Our tenant will plant a vineyard on this land, which is located within the Walla Walla Valley AVA. The property is in a beautiful setting on land overlooking the Walla Walla Valley."
Gladstone Land currently owns 162 farms comprising approximately 109,000 acres across 15 different states and 45,000 acre-feet of banked water in California, valued at approximately $1.4 billion.
Each of the farms are predominantly located in regions where the company’s tenants can grow fresh produce and annual row crops, such as berries and vegetables. The company also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, pistachios, and other orchards, as well as blueberry groves and vineyards.
Where will the land purveyor stake its claim next? Keep reading ANUK as we continue to report on the company's ongoing growth strategy.