Gladstone Land Corporation has acquired 6,190 acres of farmland in Saguache County, Colorado. The sale price came to $25.9 million, $19.3 million of which was paid in cash. The property consists of 39 pivot-irrigated fields, as well as a potato packing and storage facility and other farm-related buildings. At closing, the Gladstone entered into a sale-leaseback agreement with Mountain Valley Produce for a 5-year, triple-net lease that provides for annual rent escalations and includes one, 5-year extension option.
Gladstone Land Corporation is an externally-managed agricultural real estate investment trust that owns and leases farmland to corporate and independent farmers in the United States. The REIT, valued at $275 million, owns 43 farms covering an area of 16,810 acres located in 7 states across the United States.
“The San Luis Valley has been attractive to us for some time, and we are proud to own a great farm there,” said Bill Hughes, the company’s Director for the Midwestern United States. “We could not have picked a better farm or better partner in the San Luis Valley than Mountain Valley Produce. This farmer is an innovator in the potato industry and they are leaders in water conservation.”
