Gladstone Land Completes Acquisition of Irrigated Farmland in Nebraska
MCLEAN, VA - Gladstone Land Corporation is starting May off with a $3.5 million acquisition. The company announced earlier this week that it acquired 678 gross acres (upward of $5,100 per acre) of farmland, which will grow a rotation of potatoes, edible beans, and corn, in Chase County, Nebraska.
“We continue to add farms in this area due to the good water, crop diversity, and the ability to find quality tenants” said Bill Hughes, Managing Director of Gladstone Land. “We are especially excited when we can find tenants that are willing to grow a quality, non-GMO product that consumers can feel good about.”
Of the 678 acres acquired, the farm includes 648 irrigated acres, which will be used by Gladstone Land to grow the abovementioned fresh crops.
“This is a nice property with on-site wells and good overall access to water that will be leased to a large grower in the area,” said David Gladstone, President and CEO of Gladstone Land. “About half of the acreage on this farm will be planted in potatoes, a crop that is currently in extremely high demand. In addition, these potatoes will be shipped directly to a nearby processing facility owned by the same tenant.”
In connection with the acquisition, Gladstone Land also entered into a seven-year, triple-net lease with a local, well-respected tenant who will process all the potatoes raised on the farm at one of their own facilities, according to a press release.
“We believe in teaming up with the strongest growers in any given region, and we believe this tenant fits that profile for us,” continued Gladstone. We look forward to continuing to add more farms to our already-existing portfolio of farmland primarily growing fresh fruits and vegetables.”
Congratulations to Gladstone Land Corporation on yet another successful acquisition!