Gladstone Lands $8.5 Million Acquisition in Texas
MCLEAN, VA - Gladstone Land has announced its second significant acquisition of November, finishing the autumn month with a new acquisition in Hartley County, Texas. The acquisition adds an $8.5 million, 3,667-acre potato farm (about $2,318 per acre) to its portfolio.
“We have been seeking farms in Texas for some time now, and the right opportunity finally presented itself,” said Bill Hughes, Managing Director of Gladstone Land. “This farm is in a prime growing location and has very good water, with 12 wells and 13 pivots on site. While the main crop grown on the farm is chip potatoes, the tenant also grows some corn and wheat in their regular rotation. We are really excited about our new partnership with CSS Farms and hope to expand on the relationship across the country.”
The farm, which is currently leased to CSS Farms, LLC, a national agribusiness company and market leader in chip, seed, and specialty potatoes, includes over 2,200 irrigated acres growing primarily chip potatoes, according to a press release.
“This acquisition allows us to continue to diversify and expand the number of properties we own, while continuing to maintain our focus on farms that have strong water sources and grow healthy foods, such as fresh produce like potatoes. This is our second significant acquisition of November, and we hope to continue this trend and finish 2018 on a high note,” said David Gladstone, President and CEO of Gladstone Land. “As a side note, we are all saying a prayer for those who have lost loved ones or their homes as a result of the recent wildfires in certain parts of California. We have been fortunate in that our farms have not been harmed by the fires, as our farms are in the flatlands, while the fires are mostly in the mountains. But God bless those brave firefighters and others who are helping to protect against further disaster from these terrible wildfires.”
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