Gladstone Land Corporation has closed on the company’s first purchase of 2017 with a 3,750 acre acqusistion in South Florida. The firm paid $54 million for the organic farmland. Upon completion of the transaction, Gladstone entered into a lease agreement with a leading grower and marketer of fresh vegetables for a 7-year lease that provides for annual rent escalations and three, 5-year extension options.
“We are privileged to acquire more organic farmland in Florida with a highly-regarded vegetable grower as our tenant-partner,” said Bill Frisbie, the company’s MD for the Eastern United States. “We now own 59 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio. We have built our farmland portfolio on the thesis that the continued growing demand for fresh fruits and vegetables and nuts will make the finite supply of farms that produce these crops more valuable over time.”
