Gladstone Land Corporation Acquires Citrus Groves in South Florida; David Gladstone and Bill Frisbie Discuss
- by Anne Allen
MCLEAN, VA - Gladstone Land Corporation’s growth in this industry has been comparable to a snowball effect. The company continues to build out its portfolio as it reveals yet another critical acquisition, recently announcing it has inked a deal to acquire two lemon and orange groves in South Florida for $5.2 million.
"These two properties are ideal for our growing portfolio of farms producing healthy fruits and vegetables," said David Gladstone, President and Chief Executive Officer. "We are continuing to target the highest quality farms with secure sources of water. However, our greatest strength is that the growers we partner with are dedicated to cultivating the best produce and preserving resources."
The lemon and orange groves total 617 acres of farmland, according to a press release, which comes out to about $8,427 per acre. As a result of the acquisition, Gladstone Land has entered into a 12-year leaseback agreement with the seller.
"We are excited to acquire our first groves in Florida, a state with a long and celebrated citrus history,” added Bill Frisbie, Executive Vice President. “These groves produce lemons and oranges sold into the juice and fresh markets. Our tenant, the seller, has been very proactive managing the health and production of these groves, and we believe they are well-positioned for the future.”
This recent announcement follows a string of acquisitions by Gladstone Land. The company revealed it had purchased 480 acres of blueberry bushes and support facilities in Paw Paw, Michigan, for $13.3 million in June, as well as the $42.3 million acquisition of farmland, blueberry plantings, and improvements in Kern County, California, and Yamhill County, Oregon, earlier this month.
As the company’s growth strategy continues to gain momentum, keep an eye out for AndNowUKnow for the latest news in the industry.