Gladstone Land Completes Acquisition of Florida Farmland; David Gladstone and Bill Frisbie Share
MCLEAN, VA - Although the year is ending, Gladstone Land Corporation is not taking that as a signal to slow down. Instead, the company is ensuring that it starts off 2022 with a strong position as it has acquired 1,204 gross acres of farmland north of Fort Myers, Florida, for $7.4 million—or roughly $6,146 per acre.
"The acquisition of this farm adds to our existing properties in the Southeast and is another good, long-term investment for us," said David Gladstone, President and Chief Executive Officer. "We have had a strong year in 2021 with acquisitions and look forward to another good year in 2022."
In connection with the acquisition, Gladstone has entered into a five-year, tripe-net lease agreement with the seller and current tenant, as noted in a release.
The newly acquired land features 975 farmable acres and is primarily used for sod, melons, and cattle.
"We are very pleased to add this versatile property to our portfolio," added Bill Frisbie, Executive Vice President. "Demand for farmable acreage in Florida continues to increase, and we are excited to partner with a very strong tenant who will manage the property well."
With this new parcel added to its portfolio, how will Gladstone prime itself for further growth in the new year? Keep clicking on AndNowUKnow for the answers.