Gladstone Land Acquires 324 Acres of Coastal Farmland in Salinas, California
- by Lilian Diep
MCLEAN, VA - Gladstone Land Corporation announced that it has acquired 324 gross acres of farmland in Salinas, California, for $9.0 million. Gladstone Land entered into a six-year, triple-net lease with Wish Farms and will be using the land to grow strawberries and vegetables.
“This acquisition adds to our many farms that grow healthy fruits and vegetables,” said David Gladstone, President and CEO of Gladstone Land. “This farm has both conventional and organic land, with 20 percent of the farm dedicated to organic production. We now own over 76,000 acres of farmland that are 100 percent leased to tenants who we believe to be great farmers, such as Wish Farms.”
According to the press release, Gladstone Land is a publicly traded real estate investment trust that invests in and owns U.S. farmland and farm-related properties located in certain major agricultural markets across the U.S., which it leases to unrelated third-party farmer-tenants.
Currently, Gladstone Land owns 91 farms comprised of 76,210 acres in 10 different states across the U.S., valued at approximately $675 million. Most of the property under the Gladstone Land name is used to grow fresh produce annual row crops.
“We are very pleased to acquire another property in Salinas, California,” said Tony Marci, Managing Director of Gladstone Land, based in Salinas. “This purchase builds on our relationship with Wish Farms, who is a current tenant of ours, and allows them to expand their California operations.”
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