Gladstone Land Corporation Acquires Michigan-Based Blueberry Orchard and Facilities; Joseph Van Wingerden and David Gladstone Comment
MCCLEAN, VA - Acquisition alert! Gladstone Land Corporation is continuing to expand its presence across the produce industry, as the company has announced the recent acquisition of 930 gross acres of farmland. The $13.3 million acquisition also includes approximately 480 acres of blueberry bushes and support facilities in Paw Paw, Michigan.
"We are very excited to make our largest acquisition to date in the state of Michigan," said President and CEO David Gladstone. "This purchase also highlights our ability to acquire farmland for our growers across the country to help expand and diversify their growing season. We hope to continue our steady acquisition growth during the second half of 2021, although I wouldn't count on us continuing at the same recent pace of three acquisitions within seven days!”
The acquired facilities include a 23,000-square-foot cooling and packing plant, a 9,000-square-foot box barn, and a blueberry retail store for selling fruit from the farm directly to vendors and consumers, according to Yahoo! Finance.
In relation to the acquisition, the company also entered into a 15-year, triple-net lease agreement with family-owned farming company Berry Brothers, which has local blueberry operations in Holland, Michigan, as well as three other states.
"This acquisition was a great opportunity to acquire a highly desirable blueberry farm for our grower-partner and to expand our portfolio in Michigan," said Joseph Van Wingerden, Director. "The large cooling and packing facility is essential to the local blueberry operations. We continue to be very optimistic about the 2021 blueberry season and the ongoing strength of fruit and produce sales across the United States."
Earlier this year, the produce partner acquired 2,285 gross acres of farmland in Tehama County, California, and 108,000 square feet of blueberry cooling and storage facilities in Stockton, California.
Gladstone Land is sure to expand its portfolio with more pivotal acquisitions, so keep reading ANUK to stay in the know.