MCLEAN, VA - A recent acquisition by Gladstone Land Corporation secured hundreds of acres of farmland for the company. Shelling out $28.6 million, the real estate investment trust acquired 930 gross acres of farmland in Chowchilla, California, containing 852 acres of planted pistachio trees. Bet you never thought pistachios could be that expensive.
“We are delighted to add another large pistachio orchard to our growing number of farms,” said Bill Reiman, Managing Director. “This acquisition was driven by one of our strong tenant relationships. There are many opportunities for us to grow our farmland assets by teaming up with great producers, and this acquisition is a prime example of that. This orchard is just coming into peak production, and we expect many years of great production.”
With the pistachio trees in their eleventh leaf, the company has made a profitable investment in fruitful land. Recently the company entered into a ten-year, triple-net lease with The Specialty Crop Company, Inc., one of the top nut growers in the world and one of the largest grower of fresh and dried figs in the world, according to the press release.
“Pistachios are an exciting growth area for us,” said David Gladstone, President and CEO. “This orchard is located in an area with attributes conducive for growing pistachios, such as optimal climate conditions and good access to water. Our tenant, The Specialty Crop Company, is an ideal partner for us as we continue to add farmland growing specialty crops to our farmland holdings. And like most of our tenant-farmers, they are growing foods that are considered to be healthy.”
To read the press release in its entirety, click here.
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