Gladstone Land Corporation Announces Acquisition of Pistachio Orchard in California; David Gladstone, Bill Reiman, and Tony Marci Share
MCLEAN, VA - If you are an avid reader of ANUK, it may come as no surprise that Gladstone Land Corporation has announced another pivotal agreement, spurring significant growth across its land portfolio. In its latest acquisition, the industry ally purchased 2,635 gross acres of farmland, including 1,776 planted acres of pistachios, for $88 million.
"The acquisition of this pistachio orchard adds to our existing permanent crop farmland and is another good, long-term investment for us," said David Gladstone, President and Chief Executive Officer. "We have had a strong year in 2021 and look forward to another good year in 2022."
The newly purchased land is located near Lost Hills, California. According to a press release, the company has also entered into a 10-year, triple-net lease agreement with the seller in connection with the acquisition.
Bill Reiman commented on the growth of its portfolio and the new grower alliance.
"We value our tenants as much as the properties in our portfolio," Reiman, Executive Vice President, stated in the release. "We are excited to enter into a lease and begin a relationship with an excellent and established farmer in the region."
The announcement of this acquisition comes only a week after Gladstone revealed that it had purchased 165 gross acres of farmland located near Milton-Freewater, Oregon, for approximately $2.4 million.
"We are very pleased to add these mature pistachio trees to our portfolio," said Tony Marci, Managing Director. "The trees are planted in soils and a climate that are well-suited to pistachios, which is evident in the excellent yield history of the orchard."
As the company continues to expand its share of farmland here in the United States, AndNowUKnow will keep a close watch on the ongoing growth of its portfolio.