Gladstone Land Corporation Acquires Vegetable Farm for $9.7 Million
- by Jordan Okumura
MCLEAN, VA – Investing further in farmland in an important growing region, Gladstone Land Corporation has announced that it has acquired a 1,910-acre farm in Okeechobee, Florida, for $9.7 million—or just over $5,000 an acre.
"We like partnering with the best farm operators in the best growing regions in the country," said David Gladstone, President and CEO of Gladstone, in a press release. "We have built our farmland portfolio on the thesis that continued growing demand for fresh fruits and vegetables and nuts will make the finite supply of farms that produce these crops more valuable over time."
Following the $9.7 million acquisition, Gladstone entered into a 6-year lease agreement with Cabbage, Inc., for a 6-year, triple-net lease that includes two extension options.
"Cabbage Inc. is excited to partner with Gladstone Land on a long-term basis with this transaction," said David Hille, Chairman of Cabbage, Inc. "This property helps solidify our growing operation as the leading cabbage grower in the Eastern U.S."
Alongside green, red, and Savoy cabbages, Cabbage, Inc. grows spring mix, spinach, squash, and cilantro.
Cabbage, Inc.’s President Randy Marcum echoed these sentiments and praised Gladstone’s place in the produce industry.
"Gladstone Land has strong roots in the produce industry, making them a great resource for our real estate needs," said Marcum.
Likewise, Bill Frisbie, Managing Director for Gladstone, expressed his satisfaction with the partnership and Gladstone’s continued expansion in Florida and throughout the United States.
"We are privileged to acquire more farmland in Florida and partner with Cabbage, Inc., a highly-regarded vegetable grower," said Frisbie. "We now own 70 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio."
For more on important acquisitions and other dealings in the produce industry, stay tuned to AndNowUKnow.