Gladstone Land Corporation Acquires 2,285 Acres Of Farmland In California
MCLEAN, VA - Real estate investment trust Gladstone Land Corporation is continuing to zero in on the state of California as it recently closed another acquisition. The company announced it has acquired 2,285 gross acres of farmland located in Tehama County, California, for $37.8 million from Solum Partners, which is headquartered in Boston, Massachusetts.
“We value our relationship with California Olive Ranch and are pleased with the opportunity to increase the amount of land we lease to them,” said David Gladstone, President and CEO of Gladstone Land. “We have been evaluating opportunities to buy land in Northern California, and we believe this orchard is a great addition to our portfolio, as we like the diversification that olives provide. We continue to evaluate additional farms to acquire as we work toward another successful year.”
Already, the agricultural real estate company has made several acquisitions in California within the past four months, including blueberry cooling and storage facilities, a citrus orchard, and 368 acres of farmland in Ventura County. With this latest deal, Gladstone Land purchased 2,285 additional acres of farmland in Tehama County for approximately $16,543 per acre.
In connection with the acquisition, stated the press release, Gladstone Land also entered into a 15-year, triple-net lease agreement with California Olive Ranch, reportedly one of the largest millers of olives for extra virgin olive oil (EVOO) in the U.S. and the producer of one of the nation’s top-selling 100 percent California EVOOs.
“We are very pleased to build upon our relationship with California Olive Ranch,” said Tony Marci, Managing Director of Gladstone Land. “This farm near Corning, California, is a very nice olive orchard, and we are excited to increase our farmland ownership within the Sacramento Valley. It was great to work with Solum throughout this transaction, as we were able to achieve the goals of both parties.”
With a new partnership and a plot of California land to add to Gladstone’s ever-growing portfolio, where will the company venture to next?