Gladstone Land Acquires California Orchard for $23 Million
- by Jordan Okumura
MCLEAN, VA - Gladstone Land has announced a new acquisition in Madera County, California, picking up a 951-acre farm for a cool $23 million. The orchard is comprised of 715 acres of fig trees and 224 acres of pistachio trees, approximately, all of which are in mature production.
“We are excited to be adding this great property in Madera County, California, to our portfolio,” said Bill Reiman, Managing Director. “Pistachios have been a focus of ours for a while, and we felt this was a great opportunity to add another specialty crop to the mix with figs. In this era of healthy eating and living, the demand for figs has been increasing, and the crop profile fits with our vision of owning land growing fresh produce and nuts.”
As part of the acquisition, Gladstone Land also entered into an 8-year, triple-net lease with The Specialty Crop Company, Inc., a major grower of fresh and dried figs. Reiman noted his excitement about adding the new tenant, remarking on its great reputation locally.
“This acquisition allows us to enter into a new crop type and further diversify our portfolio,” said David Gladstone, President and CEO. “Both fig and pistachio trees can potentially remain in peak production for hundreds of years, and most of the crop is consumed domestically within the United States. We are continuing to execute our plan of building a diversified farmland portfolio consisting of the highest quality of farms. We hope that the additional income earned from this farm will allow us to continue our goal of frequently increasing the common dividend.”
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