MCLEAN, VA - It has been a lucrative week for Gladstone Land Corporation already, as the company has announced the completed sale of an unfarmed parcel in Florida.
"Our strategy is to buy and hold for the long term, but occasionally we receive an offer that warrants serious consideration. We intend to utilize the proceeds from this sale to acquire additional farms through one or more 1031 exchanges, as well as for general corporate purposes," said David Gladstone, President and Chief Executive Officer of Gladstone Land.
The sale took place for $9.6 million, according to a release. This provided Gladstone Land with a 343 percent return on investment and a capital gain of approximately $6.4 million.
With this sale, Gladstone not only recorded a substantial gain, but it greatly benefited the company's shareholders as well.
"We acquired this parcel several years ago as part of a larger farmland assemblage. The parcel was not actively farmed, and the location made it desirable to land buyers in the immediate region. We were able to run a successful sale process and ultimately obtained a contract to sell that had tremendous benefit to our shareholders," commented Bill Frisbie, Executive Vice President of Gladstone Land.
Funds in hand, where will Gladstone acquire its next parcel of land? Only time and AndNowUKnow will tell, so stay tuned.
