Business
Gladstone Land Acquires Blueberry Orchard & Facilities in Michigan
MCLEAN, VA / ACCESSWIRE / June 10, 2021 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 930
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / June 10, 2021 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired 930 gross acres of farmland, including approximately 480 acres of blueberry bushes, and support facilities located in Paw Paw, Michigan, for $13.3 million. The facilities include a 23,000 SF cooling and packing plant, a 9,000 SF box barn, and a blueberry retail store for selling fruit from the farm directly to vendors and consumers. In connection with the acquisition, Gladstone Land entered into a 15-year, triple-net lease agreement with Berry Brothers, a family-owned farming company with local blueberry operations in Holland, Michigan, and three other states.\"This acquisition was a great opportunity to acquire a highly desirable blueberry farm for our grower-partner and to expand our portfolio in Michigan,\" said Joseph Van Wingerden, Director at Gladstone Land. \"The large cooling and packing facility is essential to the local blueberry operations. We continue to be very optimistic about the 2021 blueberry season and the ongoing strength of fruit and produce sales across the United States.\"\"We are very excited to make our largest acquisition to date in the state of Michigan,\" said David Gladstone, President and CEO of Gladstone Land. \"This purchase also highlights our ability to acquire farmland for our growers across the country to help expand and diversify their growing season. We hope to continue our steady acquisition growth during the second half of 2021, although I wouldn't count on us continuing at the same recent pace of three acquisitions within seven days!\"About Gladstone Land Corporation:Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 152 farms, comprised of over 105,000 acres in 14 different states and over 20,000 acre-feet of banked water in California, valued at over $1.2 billion. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which a...