Gladstone Land Acquires Citrus Orchard in California
MCLEAN, VA - It seems the winter season means acquisitions galore for some companies, including Gladstone Land, which has recently completed a $4.2 million acquisition of a citrus orchard in Tulare County, California.
"We are excited to purchase this citrus orchard that produces Meyer lemons and two varieties of mandarins," said President and CEO David Gladstone. "We are equally excited to add another great farmer to our list of tenants. We finished the year well on the acquisition front, and we look forward to another strong year in 2021."
The company acquired 160 gross acres of farmland in the deal, which will allow the company to expand its portfolio, a press release noted. This amounts to roughly $26,250 per acre.
"We have explored citrus deals for many years, and we are very pleased to add another crop type to our portfolio," said Managing Director Tony Marci. "This farm near Ducor, California, is the right combination of varieties and age that we are looking for, and we look forward to owning this relatively young asset for many years."
Along with the acquisition, Gladstone Land also entered an eight-year leaseback agreement with the seller. This expansion comes less than a month after the company’s recent purchase of 368 acres of farmland in Ventura County, California, for $20.8 million, as we previously reported.
How will Gladstone, amongst other investors, continue to expand within the fresh produce industry? Keep checking in with AndNowUKnow as we report.