Gladstone Land Acquires Pistachio Orchard and Organic Farmland in California
- by Anne Allen
MCLEAN, VA - It was just last week when Gladstone Land Corporation scooped up its latest strategic property, acquiring $7.4 million of farmland in Maryland’s Eastern Shore and Delaware. The company is at it again this week as it announced it has acquired 2,515 gross acres of farmland in Fresno County, California, for approximately $31.8 million.
“The acquisition of this pistachio orchard and open farmland adds to our existing permanent crop farmland and organic ground growing vegetables and should result in another good, long-term investment for us,” said David Gladstone, President and CEO. “In addition, we are forming a new relationship with a very seasoned grower who has been in the pistachio and vegetable business for many years. We are continuing to evaluate a good list of potential farms to buy as we work toward a strong end to 2020 after a record year of acquisitions in 2019.”
The farm consists of 619 planted acres of mature pistachio trees and 1,896 acres of open farmland, 1,273 acres of which is organic. This acquisition values the land on average at around $12,644 per acre.
In connection with the acquisition, Gladstone Land also entered into an eight-year, triple-net leaseback agreement with the seller, as noted in a press release.
“We are very pleased to add more quality farmland and mature pistachio trees near Coalinga, California, to our portfolio,” said Tony Marci, Managing Director. “This acquisition allows us to develop a new relationship with a long-time farmer in the business and also helps the seller with its goals with this sale-leaseback transaction. We are particularly excited about this farm because of its historically high production and the high percentage of organic land.”
It seems Gladstone acquisitions are in season, so keep a tab open for AndNowUKnow.