Business
Gladstone Land Acquires Blueberry Orchard in New Jersey
MCLEAN, VA / ACCESSWIRE / June 7, 2021 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 116 gross
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / June 7, 2021 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired 116 gross acres of farmland, including approximately 100 acres of blueberry bushes and a fresh packing and shipping facility, located in Hammonton, New Jersey, for approximately $2.2 million. 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 blueberry operations locally in Hammonton and three other states.\"We are very excited to make our first acquisition in New Jersey, which plays an integral role in supplying fresh blueberries to grocery stores across the Mid-Atlantic and Northeast,\" said Joseph Van Wingerden, Director at Gladstone Land. \"The 2021 blueberry season is looking strong in the U.S., with both prices and demand well above averages. We look forward to expanding in the region and our new relationship with Berry Brothers.\"\"High-quality fruit and vegetable farmland with access to plentiful water and located near major population centers is becoming increasingly scarce,\" said David Gladstone, President and CEO of Gladstone Land. \"We are pleased to continue our mission of securing the most productive farmland for our grower-partners, especially as we see rising inflation beginning to have a significant impact of the price of farmland and produce across the country.\"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 144 farms, comprised of approximately 104,000 acres in 14 different states, valued at approximately $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 are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, ...