MCLEAN, VA - Gladstone Land Corporation is continuing to chart its expansive growing regions, and this time, it has its sights set on Maryland. Recently, the company announced it has acquired farmland located in Dorchester County, Maryland, for $1.6 million.
“Expanding on the East Coast, where many farms are close to major cities and have abundant water, is integral to our continued growth and diversification,” said David Gladstone, President, and CEO. “We hope to continue to assist farmers in the region and across the country secure farmland for the long-term and help them to preserve capital for use in their operations. This is especially critical in areas that are more likely to see increasing pressure on land prices from residential and commercial development.”
According to the release, Gladstone Land acquired 228 gross acres of farmland for $1.6 million. That is roughly $7,017 per acre.
In connection with the acquisition, Gladstone Land expanded its relationship with a current tenant, a large sod and vegetable grower, by entering into a 10-year lease agreement.
“We are very proud to expand in the region with a current tenant and local grower,” said Joseph Van Wingerden, Director. “This farm is ideal for our tenant’s current operations and allows us to fill the role as a real estate partner with them. We are currently looking at several more farms in the Mid-Atlantic region as we hope to acquire more farmland for our current tenants and also add new, local growers to our tenant base.”
Earlier this year, we reported Gladstone Land had acquired a California citrus orchard. As the company continues to grow, where will Gladstone move to next?
AndNowUKnow will keep our pulse on the newswire, so keep checking back as we report on the latest.
