Gladstone Land Corporation has purchased 691 acres of farmland with 390 farmable acres in Hendry County, Florida, for approximately $3.8 million. Upon completion of the sale, Gladstone leased the land for a 6-year term that provides for annual rent escalations and one, 6-year extension option. Gladstone Land is a real estate investment trust that pays monthly distributions to its stockholders and currently owns 42 farms, comprised of 15,571 acres in 6 different states across the U.S.
“We are privileged to expand our acreage in the Immokalee farming region with a highly-regarded vegetable grower as our tenant-partner,” said Bill Frisbie, managing director of the company’s eastern division. “We now own 42 farms across the U.S. that primarily produce a variety of high-value fruits and vegetables. This property will be farmed for green beans and bell peppers.”
