Gladstone Land Corporation Acquires Blueberry Cooling and Storage Facilities in California
MCLEAN, VA - Ever a company making strategic moves across the fresh produce industry, Gladstone Land Corporation has once again expanded its portfolio. This time, it has announced the acquisition of 108,000 square feet of cold storage and supporting facilities in Stockton, California, which are generally used for the cooling and storage of both fresh conventional and organic blueberries.
"These facilities are critical to the tenant's local farming operations," said Joseph Van Wingerden, Director. "Blueberries need to be cooled very quickly after being harvested in order to preserve their quality. We are excited to continue our role as capital partners for our growers and expand our portfolio of both farmland and farm-related facilities in the fresh fruit and produce space."
In addition to the acquisition, Gladstone has also entered into a 10-year lease agreement with the seller who remains a tenant of the company, according to a press release.
This new acquisition comes on the heels of the company’s purchase of farmland in Maryland, which is a part of its growth along the East Coast. As Gladstone continues to grow its portfolio, it seems as though its strategy is paying off as the company revealed it had surpassed $1 billion in farmland value, as we reported in November.
"Gladstone Land has had two consecutive years of very strong growth, and we hope to continue that trend," said David Gladstone, President and CEO. "We are also expecting another strong year from an operational standpoint. We have several additional farms that were purchased at the end of 2020 that had little impact on last year's financial results. In addition, we have more farms scheduled to pay participation rents later in 2021. We are hopeful that these additional participation rents, along with the higher margins achieved on our recent acquisitions, will allow us to further grow our adjusted funds from operations."
Where will Gladstone set its sights on next? Keep reading AndNowUKnow as we bring you the answers.