Gladstone Land Corporation Acquires Two Florida Farms for Over $15 Million
MCLEAN, VA - Gladstone Land Corporation has acquired two farms (about 2,668 acres of land) with 1,664 farmable acres in Hendry County, Florida, for approximately $15.8 million. This amounts to about $5,922 per acre of land.
“We are privileged to expand into another growing region in the Southeast with a highly regarded vegetable grower as our tenant partner,” said Bill Frisbie, Managing Director.
Gladstone Land Corporation has entered into a 5-year lease agreement with a leading grower and marketer of fresh vegetables, according to a press release. The lease provides for annual escalations and two 5-year extension options.
The company currently owns 36 farms, comprised of 11,457 acres in five different states across the U.S., valued at approximately $231 million. Generally, Gladstone acquires acreage in locations where its tenants can grow row crops, such as berries and vegetables, as well as permanent crops, such as blueberries. The company may also acquire other property related to farming, such as storage facilities utilized for cooling produce, processing building, packaging facilities, and distribution centers.
Earlier this month, Gladstone Land acquired five farms for $35 million in California and Florida, with other locations in states including Colorado, Florida, Georgia, and Nebraska under consideration.